Evondos improves independent living at home for seniors across the Nordics
Evondos is the Nordic leader in automated medicine dispensing services for elderly home care clients. Its offering consists of an automatic medicine dispensing robot, a cloud-based telecare system, and a mobile application. During the last five years, Evondos’ offering has been widely used across all Nordic countries, and it has many well-documented evaluations conducted by municipalities. One of the most recent was published by the City of Copenhagen, where patients evaluated the service as excellent.
“Evondos’ service enables people in need of regular medical treatment to get the right medicine at the right time and in the right dosage automatically, which improves patient safety and medical adherence and supports independent life at home. Our unique service improves user quality of life significantly and provides cost benefits for professional home care organisations,” says Eetu Koski, CEO of Evondos Group.
The Finland-based company is the partner of choice for over 200 regions and municipalities across the Nordics, with a EUR 11 million turnover. Evondos has grown by 80% CAGR over the last three years and created a new digital health market niche with proven reliability. Building on that foundation, the company is now aiming for international growth.
Patient safety at the core
Since its establishment in 2007, Evondos has dispensed more than 9 million doses of medicine. Advanced technology, superior reliability and patient safety have made Evondos the Nordic leader in its field.
“Municipalities have professional procurement departments that often conduct procurement processes through tenders. Criteria vary between regions. However, most commonly the criteria relate to the overall impact on medication management and approaches to patient safety. The lack of qualified nursing staff and the retirement of aging staff will require new digital health technology in elderly care in the future”, says Koski.
With Evondos, municipalities have already been able to restructure their use of time. While routine visits just for medication delivery have decreased, more time can be spent with patients in need of longer visits.
While many dispensers are medicine boxes only, the Evondos medicine dispensing robot enables two-way communication between nurses and patients. Nurses can reach patients remotely by, for instance, sending reminders to eat or drink, whereas patients may send out automatic replies. The robot tells nurses whether the medication has been received timely, and the dispenser can be preset according to the patient’s personal medication regimen.
The next stage of international growth with Verdane
According to the Financial Times’ FT 1000 2021 ranking, Evondos is one of the fastest growing companies in Europe. Currently, the company employs 115 professionals in Finland, Sweden, Norway and Denmark. This year, sales are estimated to grow by 50% and personnel by 30%, and Evondos is also investing significantly in R&D.
“We have a motivated and high-performing team, a highly professional Board of Directors that has provided us with clear-cut priorities, and a steady market position. Currently, we are focusing on expanding internationally and searching for potential technology partners,” says Koski.
Verdane announced its investment in Evondos in spring 2020. The growth partnership with Verdane aims to develop Evondos’ service offering and extend Evondos’ market leadership beyond the Nordic market.
“The most important thing I have learned is to stay focused and get results. When a company is still young, you cannot do everything. You must set priorities and earn the trust of investors and partners. I was advised not to focus on the operating margin or EBITDA but to rather boldly take forward looking stance to achieve constant high growth rates. I’m really looking forward to our coming years with Verdane”, says Koski.