Helsinki-based healthcare innovator Nightingale Health will receive a €20 million loan from the European Investment Bank (EIB) to support European healthcare developments.
The loan to Nightingale Health, which pioneered a blood analysis technology for prevention of chronic disease, is guaranteed by the European Fund for Strategic Investments; and will be used to accelerate research and development of the blood analysis technology to maximise prediction and prevention of chronic diseases. The technology is already widely used in public health research; and is expected to play an increasing role in European healthcare developments.
European Commission Vice-President for jobs, growth, investment and competitiveness Jyrki Katainen said: “Europe invests heavily in education and science as we believe that putting a strategic effort into these areas can reap huge benefits. This commitment has resulted in Europe’s position today as a world leader in cutting edge medical research. We are delighted that the Investment Plan for Europe is fostering the development of Nightingale’s technology which has the potential to add significant value to European healthcare developments.”
An estimated 70 to 80 per cent of healthcare costs in the EU, reaching approximately €700 billion per year, are related to chronic disease. The loan is anticipated to facilitate the integration of Nightingale Health’s technologies into wider European healthcare developments; and by doing so to lower the EU-wide costs associated with chronic conditions.
Alexander Stubb, EIB’s Vice-President responsible for innovation, said: “Chronic diseases are a nightmare, not only for those who suffer from them, but also for those trying to cure them. The EIB is committed to supporting companies like Nightingale that can realistically make a big impact [on European healthcare developments] and improve the health of EU citizens. The support of the Investment Plan for Europe is particularly valuable here, and the operation is fully aligned with the objective of supporting high-skilled employment opportunities. This will also enhance Europe’s position as a major leader in medical innovation.”
