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Start-Ups Shaking Things Up in Health Sector at MEDICA

By LabMedica International staff writers
Posted on 22 Jun 2023
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Image: The final pitches of the MEDICA Start-up COMPETITION have been among the most popular program highlights (Photo courtesy of MEDICA)
Image: The final pitches of the MEDICA Start-up COMPETITION have been among the most popular program highlights (Photo courtesy of MEDICA)

The internationally leading medical trade fair MEDICA (Düsseldorf, Germany) has long been recognized as a global platform for health sector startups. At the forthcoming MEDICA 2023, which will be running concurrently with the professional suppliers' trade fair COMPAMED 2023 from 13-16 November, hundreds of new developer teams will be present among more than 5,000 exhibiting companies to seek collaborations related to funding, production, product approval, marketing, and sales. The event boasts a number of program highlights geared towards startups, providing them with an optimal platform for introducing their innovative solutions to the international professional healthcare community. Notable program highlights include the 12th MEDICA Startup Competition, the 15th Healthcare Innovation World Cup, the MEDICA START-UP PARK, and numerous startup exhibitions at the MEDICA CONNECTED HEALTHCARE FORUM.

The MEDICA Startup Competition places emphasis on a wide array of healthcare innovations, ranging from artificial intelligence (AI) and health apps to laboratory diagnostics and medical robotics. This year, "Sustainability" is being introduced as a new category. The 2022 winner of the competition was a Spanish startup, Idoven, which has developed an AI-based platform for cardiology-as-a-service. Idoven's proprietary AI enhances the accuracy and consistency of electrocardiograph (ECG) interpretations. Their participation in the competition offered the company immense global visibility and attracted around USD 20 million in funding for future projects and developments.

The 15th Healthcare Innovation World Cup could be another interesting opportunity for startups, scale-ups, and smaller mid-level companies. It focuses on smart Internet of Medical Things (IoMT) solutions, such as digital biomarkers, smart band-aids, or wearables with network connectivity. The 12 selected finalists will be invited to showcase their businesses at MEDICA 2023 on the MEDICA CONNECTED HEALTHCARE FORUM stage. Last year's winner was ViewMind Inc., a company specializing in management of neurodegenerative diseases.

The MEDICA START-UP PARK has become a central hub for startup networking, already attracting a record 40 early registrations this year. A repeat participant is the Ukrainian start-up initiative "Up To Future," promoting startups such as HandyUsound, which developed a portable ultrasound system. Also participating is Korea's Megnosis, the creator of EEG helmets designed to detect dementia early and stimulate brain cells and neurons. Among German participants is AssistMe, which will introduce a smart sensor system for use in underwear for incontinence at MEDICA 2023.

“I was very surprised at how global this trade fair is!” said Rika Christanto, COO at Idoven, who is pleased with the effect of participating at MEDICA and the competition finals on the stage of the MEDICA CONNECTED HEALTHCARE FORUM.

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