Indian life science company establishes affiliate in Lund
The Indian consulting company, Wayinia, has opened an office in Medicon Village, the life science research park in Lund.
The company aim is to help Scandinavian healthcare and medtech companies enter the Indian market and to support Indian companies that seek collaborative partners in Scandinavia. It intends to have five employees at their Swedish affiliate within the next 1-2 years, as a compliment to their office with 22 employees in India. One of their clients is Glycorex Transplantation, of which Wayinia is a main distribution partner for Indian hospitals.
The team behind Wayinia, Ingvild Soenstegaard Chaudhary and Rajan Chaudhary, formerly country manager of Gambro in India, see potential in using their expertise from the life science industry and knowledge of business relations between India and Scandinavia.
“In my opinion, Nordic companies should enter the Indian market because India and South East Asia (SEA) offer the power of scaling the business, which many countries in Europe doesn’t. India has today a population of over 1.4 million, and as we know, by 2050, over half of the world’s population will be concentrated in nine countries and out of which three are in SEA,” says Rajan Chaudhary when I ask him to share his best advice for Nordic companies looking to enter India or SEA. “Ttoday India has 12 million people coming to workforce every year, it has an average age of 29 years and an economic growth of seven percent plus for many years. India is the right choice for investors and companies to start thinking toward SEA, since it has untapped potential and it is the single biggest economic growth driver the world has ever seen.”
Wayinia reached out to Invest in Skåne and Copenhagen Capacity in 2018 requesting assistance in establishing their company in Greater Copenhagen. They arranged a visiting programme that included meetings with relevant stakeholders and potential customers, as well as assisted Wayinia with the process of registering their Swedish company.
“Thanks to the large number of life science companies in the Medicon Valley cluster and the proximity to Copenhagen Airport, with direct flights to the rest of the world, Lund and Medicon Village is the perfect location for us,” says Rajan Chaudhary.
Date: 30 June 2019