With each of our innovator stories, we get a chance to meet the people behind EU-funded ideas, which have the potential to change our future for the better.
In our latest edition, we present an insightful conversation with Alice Mattsson, the visionary founder and CEO of Pharmista.
Pharmista won the People’s Choice Award of the Innovation Radar Prize 2023 with its ground-breaking development of sustainable, reusable pregnancy tests. Pharmista was granted €75.000 through Horizon Europe’s Women Tech EU 2021-2022.
Tell us more about yourself and your work?
I pursued studies in business and sustainable development, completing my degree in 2020 during the pandemic. In March of the same year, I established my company, inspired by the realization that reusable pregnancy tests were not available in the market, contrary to my initial belief.
Conducting a survey among women, I received 500 responses within just two days. Remarkably, 90% of the participants expressed interest in replacing single-use options with a reusable alternative, comprising a monitor and refillable strips. This feedback became the catalyst for launching my company. Fast forward, I have been dedicated to this venture for three and a half years now.
What problem is your product solving and what makes its solution unique?
Currently, only single-use pregnancy tests are available, some of which incorporate electronics and plastics, contributing to environmental degradation. Our business addresses this concern by offering a more sustainable alternative.
Additionally, many existing pregnancy tests require manual interpretation, presenting a challenge for users. The visual cues, akin to other diagnostic tests, can lead to misinterpretation, especially for women attempting to conceive. Studies indicate that one in four individuals misreads the results. To counter this issue, our product includes a digital reading function.
Moreover, our solution emphasizes convenience, allowing users to conduct tests at home whenever needed. Our product will be competitively priced, offering a cost-effective alternative to the leading options in the market.
How did you start your journey, and where are you now on the road to achieving your ambition?
Three and a half years ago, as previously mentioned, I founded the business. The first year was dedicated to laying the foundation, assembling a team of suitable scientists for project development, and securing initial funding mostly through grants, including from the European Union.
Over the last two years, our focus has been on advancing the technology and acquiring intellectual property rights for our platform technology. We are now ready for the upcoming phase, the transition from the proof-of-concept stage to crafting a prototype. We will showcase this prototype to potential commercial partners and investors, a milestone we aim to reach within the next year.
What’s the biggest impact EU-funding has had on your journey so far, and can you specify an outcome?
We secured the Women Tech EU grant, amounting to €75,000, at a critical moment when our financial resources were dwindling. The grant provided vital support and essentially extended our operational runway by another eight months.
Beyond the financial infusion, the grant also generated valuable publicity. This recognition helped us build a more robust network within the community, connecting us with fellow female founders in our industry and expanding our presence in the broader startup community across Europe.
In essence, the grant not only sustained our operations but also opened doors to valuable collaborations and relationships within the startup ecosystem.
Have you already tested your product with clients? What was it like?
We have not done tests with a physical product yet, but we have conducted five market surveys to evaluate interest and gather data on how women currently use pregnancy tests. We have explored the issues they face, their spending habits, and their potential interest in our product. While we have not delved into usability studies or clinical trials at this point, our focus has been on understanding market dynamics and user preferences.
What is Pharmista’s greatest achievement to date?
One significant milestone was when I brought Robert Porter on board as a co-founder, being an experienced entrepreneur within diagnostics and women’s health. Another milestone was the engagement of Börje Sellergren, a renowned scientist in the field, and more recently, appointing Radvilé Zubryté as the CTO, marking crucial additions to our team.
From an intellectual property perspective, obtaining a granted Swedish patent and securing approvals for EPO and PCT applications were major achievements. On the technological front, a noteworthy milestone occurred in recent months when we demonstrated the high sensitivity of our sensor and its reusability.
How do you see Pharmista making a difference in the future?
Our company holds the potential to lead a more sustainable movement in diagnostics, a direction not widely observed in the current landscape. Our unique technology allows for the reuse of the same monitor by only replacing the paper strip, presenting an innovative approach that could drive sustainability in the industry. Furthermore, by extending our technology to other areas, we can assist other companies in adopting more sustainable practices through collaborative development of diagnostics for various indications.
Beyond sustainability, our vision includes leading the way in the evolution of monitoring conditions. Rather than limited to a single test or a doctor’s visit, our technology facilitates bringing diagnostics into the homes of patients, enabling continuous tracking of conditions. This aligns with the future trajectory we envision for our industry.
Why was participating in Dealflow.eu’s Innovation Radar Summit 2023 important to you?
Primarily, participating in this initiative is crucial for the network it provides. I believe that it is very important to spotlight early-stage innovative companies. It is essential for such ventures to gain visibility and recognition, especially in the initial phases.
Being part of this initiative is not only a fantastic opportunity to learn more about what is happening in the European innovation system but also allows us to expand our network and showcase our innovation. It is also a valuable platform to discover potential companies for collaboration and identify talents for future recruitment.
What did it mean to you to be a winner of the Innovation Radar Prize?
It was an incredibly enjoyable experience. I did not anticipate winning, given the high quality of pitches and companies in the competition. Winning the public votes brought immense joy and significance, especially considering that 200 companies had applied for the competition.
Personally, I felt honored and grateful for the recognition. It was heartening to observe that people in the room understood our work, despite not necessarily being familiar with our product beforehand. This achievement underscored their ability to comprehend the problem, appreciate our solution, and grasp the vision of our company.
How would you define success and what keeps you going in the pursuit of it?
In the process of building a company in this field, becoming accustomed to frequent setbacks is inevitable. I do not view success in binary terms; rather, it is about reaching milestones and connecting with individuals who resonate with our products. Success, to me, is when people instantly understand the need and purpose behind what we are doing.
Another aspect of success is attracting talented individuals to join our team. When experienced professionals express interest in working with us and contributing to our mission, that, for me, signifies success. Having a strong support system from team members, as well as family and friends, is crucial in maintaining a secure environment.
During challenging days when things are not going our way, I try to look back on the original idea and its inherent coolness. I firmly believe that if it is going to be done, now is the time, and I may be the one to accomplish it. That thought always keeps me going.
Article published by EurA AG.
About Innovator Spotlight Stories
The aim of innovator stories is to highlight and share with investors and relevant stakeholders in the industry, insights, and unique stories from some of the most innovative EU-funded project that Dealflow.eu is proud to support.
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Disclaimer: Funded by the European Union. Views and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union or the Directorate-General for Communications Networks, Content and Technology. Neither the European Union nor the granting authority can be held responsible for them
