Investors
Business model
Biohit, founded in 1988, is a Finnish health technology company focusing on diagnostic products and diagnostic analysis systems for the gastrointestinal tract, as well as health-promoting products. Biohit's product portfolio currently consists of about 10 diagnostic tests, two products that bind acetaldehyde, and monoclonal antibodies for research use. The company's main product segments are products for gastrointestinal tract diagnostics and products that bind and eliminate carcinogenic acetaldehyde.
Our products
GastroPanel® health test
GastroPanel® is a primary examination from a blood sample for those suffering from upper abdominal problems and reflux symptoms. GastroPanel ® used for early detection of gastrointestinal diseases is a set of four tests that evaluate the health of the gastric lining from a blood sample. The test is primarily used as a screening tool to identify patients in need of further treatment and refer them for treatment.
The test set is intended to diagnose Helicobacter infection and an acid-free stomach (atrophic gastritis) and to assess the risk of gastric cancer and duodenal ulcer. The GastroPanel test is used to determine the levels of type I and II pepsinogens, gastrin-17, and antibody levels for Helicobacter pylori found in the blood.
Acetium® products
Biohit has developed and commercialized two Acetium® products that bind acetaldehyde, i.e., a molecule that predisposes to cancer, to reduce its harmful effects in the gastrointestinal tract and in the mouth caused by tobacco smoke.
The Acetium capsule can be used to bind acetaldehyde in the stomach, thus, reducing the risk of cancer.
The Acetium® lozenge for smoking cessation is a nicotine-free natural product containing L-cysteine which binds about 90% of acetaldehyde released into saliva from tobacco smoke that predisposes smokers to cancer and over time the lozenge reduces the pleasure of smoking.
History
Biohit's historical development can be divided into the following steps:
1988–2011
1988 the company is founded
1999 Biohit is listed
2001 the GastroPanel® test is introduced for research use
2005 GastroPanel® is introduced to the market
2010 launch of the Acetium® capsule
2012–2019
2013 joint venture in Italy and China, Biohit Healthcare (Hefei) Co. Ltd.
2016 production of GastroPanel® products begins in China
2017 sales of the Acetium® lozenge to help quit smoking begins
2018 Biohit Healthcare (Hefei) buys a 33% share of Biohit
2020–2023
2020 the effects of the pandemic decrease Biohit's net sales as the focus of the diagnostic market shifts heavily to COVID testing
2021 GastroPanel® quick test from venous blood is launched
2022 GastroPanel® quick test from fingerprick blood samples is launched
2021–2023 strategy focuses on strengthening business fundamentals
Global distribution network
Our products are sold through our subsidiaries (UK and Italy) and our global distribution network. With the exception of subsidiaries, Biohit has no own direct sales, but we have built a committed and concentrated network of distributors and partners, whose scope and effectiveness have been actively developed and new potential distributors are carefully screened. Making the distribution chain more efficient has been a strategic priority for the company for a few years.
Distribution agreements for diagnostic products are especially being signed with distributors specialized in gastroenterology, i.e., stomach diseases. Own partners have also been sought for Acetium® products, with whom greater cooperation is aimed for, such as regional clinical trials.
Product development is key
Biohit's operations are based on innovative product development. The company aims to develop and expand the range of diagnostic tests and health-promoting products through continued R&D investments. R&D focuses on developing new products and updating the life cycle of existing products, as well as improving the usability of products. We mainly develop diagnostic tests ourselves, in addition to which we use external experts and subcontractors to assist in R&D activities.
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