Biocodex PhaMe and Innokas Medical in collaboration to promote the success of companies developing combination products to the market
Biocodex PhaMe, providing pharmaceutical and medical consultant services, and Innokas Medical, with expertise dedicated to medical devices and software, have agreed on a strategic partnership. Through this collaboration and joint service offering, Biocodex PhaMe and Innokas Medical seek synergy effects and added value for companies developing drug-device combination products to the market.
A key trend transforming both healthcare and pharma sectors is digitalization. AI, i.e. Artificial Intelligence, machine learning and software, for example, will provide new opportunities for future patient care in both areas. The interest around digital medicine and combination products is expected to grow significantly, as digitalization offers new opportunities to combine devices with pharmaceuticals. According to Business Insider (2018), the global drug-device combination products market was valued at 81 billion dollars in 2017 and is projected to reach almost 140 billion dollars by 2025.
“On both device and drug field, digital transformation will have an impact on how diseases are prevented and how personalized patient care evolves in the future. We believe there is a huge potential in utilizing digitalization when integrating medical devices and pharmaceutical treatments”, ponders Tomi Haapanen, working as Business Development Director at Innokas Medical.
In future, it is more difficult to draw a distinctive line between medical devices and pharmaceuticals; companies are exploring the potential of developing combined products to the market. These combine products are, for example, medicinal products supported by a medical device or software as an integral part, medical device or software with an ancillary medicinal substance, medical device made of substances that are systemically absorbed, or something in between.
“In practice, it’s all about combining medical devices with drugs in some way. To mention a few examples, they can be AI-driven pre-filled autoinjectors, drug pills embedded with sensors, drug-coated contact lens or drug-eluding stents. There is a multitude of these combinations”, Haapanen tells.
Two intense regulatory pathways slow down the time-to-market – or does it?
Biocodex Pharmaceutical and Medical Service Unit (PhaMe) provides a comprehensive range of pharmaceutical and medical services like auditing, regulatory and pharmacovigilance services, and is a part of multinational pharmaceutical company Biocodex Group. Innokas Medical is a Finnish service partner in medical device design and development, contract manufacturing, quality management, and regulatory affairs.
“In addition to quality and regulatory consultancy related to pharmaceuticals, our customers usually seek for a knowledgeable co-creation partner for design and development of a medical device or software. Through the collaboration between Biocodex PhaMe and Innokas Medical, we’re therefore able to serve our customers with more a comprehensive service offering in future”, tells Jonas Hinkkanen, working as Head of Regulatory Affairs, Nordics and the Baltic, at Biocodex PhaMe.
”We wanted to meet the growing need of companies developing drug-device combination products by putting more focus on extending our joint services available for them”, he continues.
Through the collaboration Biocodex PhaMe and Innokas Medical seek synergy effects and added value for companies developing regulated drug-device combination products to the market. Quality driven co-creation mindset as well as associated practices are the cornerstones of this collaboration.
For companies developing combination products it is a significant competitive advantage to be able to focus on their core competence while a network of professionals ensure that requirements for the domain are met.
For more information
Jonas Hinkkanen | Head of Regulatory Affairs, Nordics and the Baltic, Biocodex PhaMe: firstname.lastname@example.org
Tomi Haapanen | Business Development Director, Innokas Medical: email@example.com
Pekka Pohjosaho | Head of QA&RA Services, Innokas Medical: firstname.lastname@example.org
For more information about Biocodex / Biocodex PhaMe:
Please go to: https://biocodexphame.fi/
For more information about Innokas Medical:
Read more about Innokas at: https://www.innokasmedical.fi/