A successful partnership between Urgo Group, French healthcare leader in the international wound care and self care market, and Ireland’s Bluedrop Medical, has made the company keen to partner with more Irish start-ups and Small and Medium Enterprises.
Urgo Group Business Development Analyst, Mokhtar El Kouche, said that factors, such as partnership development, flexibility, openness, and focus on innovation, have been influential in building a successful relationship.
“We have had a very positive experience with Bluedrop Medical,” said El Kouche. “We are very interested in visiting Ireland to see the growth of the Irish Medtech sector and to understand what other Irish SMEs and start-ups are developing.
Galway-based Bluedrop Medical won a place on Urgo Group’s prestigious Mentorship Program in February 2018. Urgo Group, who specialises in wound treatment, was particularly impressed by Bluedrop’s ability to develop partnerships in France.
Successfully collaborating across Europe
“Bluedrop’s team is very open-minded and happy to collaborate. It was in this spirit that they approached us,” said Mokhtar. “Their spirit of open collaboration breaks any boundary that exists between countries.”
“Even in the EU, there are differences and challenges in each market. When we work with Bluedrop, their open approach enables them to adapt to any of the challenges that exist in markets like Spain, France, or the UK. They have an openness to adapt and adopt a multi-country approach,” added Mokhtar, who sees it as an essential skill for other Irish SMEs collaborating with European partners.
Irish businesses are ranked first globally for flexibility and adaptability, a crucial advantage that helped Bluedrop Medical in their pursuit of opportunities with Urgo.
“The business model has the potential to satisfy everyone,” says Mokhtar. “To make any deal in business work, you need to get everyone on board and share the pie with all stakeholders.
“Bluedrop’s solution would create value for patients by helping to prevent long-term chronic wounds with drastic consequences, and for payers, through effectiveness and big cost savings. It would also create value for partners through its consumer revenue model,” adds Mokhtar.
Medicine of the future
Urgo Group was also impressed by the innovative nature of Bluedrop Medical’s solution, which would help to prevent amputations caused by diabetic foot ulcers. Bluedrop Medical was selected as a winner because it has the strong potential to satisfy the “Medicine of the Future – Four P’s” criteria. These include the treatment being predictive, preventive, participative, and personalised.
“Urgo is always looking for the newest, most innovative products that are in development. Bluedrop has a lot of synergies with Urgo, so coming up with an innovative product that really helps patients is always a strong fit for us. Bluedrop’s product is projected to include aspects of artificial intelligence in the design, which is extremely promising,” adds Mokhtar.
As Mokhtar reflects on Urgo’s experience with Bluedrop Medical, he recommends that medtech buyers searching for solutions should look to the Irish market.
“Reflecting on my own experiences with Bluedrop, I would definitely recommend that buyers from big groups work with Irish medtech start-ups and SMEs,” he says. “If they have the same mindset as the Bluedrop team, then it is absolutely worthwhile to seek Irish businesses out and collaborate with them in the long-term.”