Curiosity, courage, and perseverance drive both Bonalive and its CEO, Heidi Rantala, forward. Although the company's journey has sometimes been quite a roller coaster, the deeper purpose of our work gives us strength.
According to Heidi Rantala, CEO of Bonalive Biomaterials, Finland has a great deal of top-tier expertise and research, but it is not always successfully commercialized.
“Companies need to learn to build brands better than they do now. Furthermore, they should invest in internationalization from the very beginning,” says Rantala.
Bonalive has been built as a brand from the very beginning, and even in its first years of operation, it signed a cooperation agreement in South America.
Operating in Turku Science Park, the company is currently a leading manufacturer of implantable bone substitutes, supplying its products to over 40 countries around the world.
“Companies should also learn to build brands better than they currently do.” Heidi Rantala
At the heart of the company is an innovation researched at Åbo Akademi University in the 1970s: bioactive glass and its bone applications. Through a business incubator and a few intermediate stages, the company Bonalive Biomaterials, led by Fredrik Ollila, was formed around the innovation in 2009.
Bioactive glass is an exceptional invention. When combined with human biology, it grows with the person and thus promotes bone growth. There is a huge global need for bioactive glass, as antibiotics no longer work as effectively against infections in Western countries as they used to.
Bioactive glass has a bacterial-inhibiting (preventive) property, so local antibiotics are not needed during surgeries.
“The product can prevent amputations and treat, for example, foot problems caused by diabetes,” says Rantala.
“There are big problems in the world, and we have a solution for them. This product and the solutions it offers to the whole world are so significant that they give all our work a deeper purpose. That purpose helps us keep going even when things are tough.”
Bonalive Biomaterials is not a typical biotech company, and Rantala does not have a typical background for a CEO in the biotech sector. However, she believes that being different is precisely a strength.
“You aren't afraid when you don't know what you're jumping into,” Rantala laughs.
“If I had followed a more traditional path in my life, I would hardly be where I am now. And if Fredu and I and the others had proceeded traditionally, I don't know if Bonalive would even exist. Maybe we would never have had the courage and madness to embark on this,” Rantala reflects.
Before the biotech industry, Rantala worked as a bartender, DJ, and event producer, among other things. Then, she became interested in the laboratory field and went on to study laboratory analytics.
“Because of my background, I am flexible and fearless. I get along well with people, which helps significantly in this job. One can draw courage from a versatile life experience, which is needed in the startup world – especially if you want to create something new both through the company's products and its way of operating.”
It is not easy. Even though Bonalive's growth started off well from the beginning, there have been challenges with financing. The company has had to carry out funding rounds every couple of years to keep the wind in the sails of its innovations.
“The years have been quite a roller coaster! Fortunately, we handle uncertainty well, and the deeper purpose of our operations has driven us forward. Of course, I have often wondered why I started this. But on the other hand, I wouldn't want any easier job,” Rantala laughs.
Bioactive glass is still not very well known worldwide in clinical use. Bonalive's products are unique, as there is no other product offering the same composition.
“The guarantee of quality is that both innovation and manufacturing are in the company's own hands,” says Rantala.
The necessary raw materials are ordered from outside, but the bioactive glass used in the product is manufactured in-house in Turku. Similarly, the syringes used with the product are assembled at the company. Everything we do is highly regulated and precise – which is why processes are sometimes very slow.
“We are a trailblazer and a pioneer, so this is a long road.” Heidi Rantala
“The biotech industry is not a quick cash cow. If you expect fast profits, you might as well quit right away,” laughs Rantala.
“We are a trailblazer and a pioneer, so this is a long road.”
Although the industry requires perseverance, it also offers tremendous opportunities for growth. Bonalive’s mission is to get bioactive glass applications into every operating room by 2035 and to promote the global shift towards sustainable infection solutions. The goal is ambitious, but the groundwork has been done with care. In fact, it has been underway for over ten years.
The start-up phase may sound long, but it isn’t when operating globally and in the healthcare sector. You need to have clinical trials behind the product, and every country has, for example, different practices regarding reporting. Everything requires endless work and constant communication – so much so that Rantala feels the industry authorities in different countries are almost like family members to her.
“The healthcare sector is conservative. It requires a lot of research results and data to convince doctors of a new product. In addition, you need to find pioneers who want to try the product. Through their experiences and successes, the professional community begins to be convinced.”
Rantala is certain that we are finally at the moment where there is enough of everything: research, partners, and data. Bonalive is ready for take-off.
“The foundation has been built for a long time, and our momentum is now.”
Heidi Rantala’s three tips for success:
1. Persistence.
Doing the groundwork takes time, getting funding takes time, finding partnerships takes time. Don’t give up!
2. Curiosity.
You must be prepared to seek new ways of working and follow your industry. Often, workdays are not limited to eight hours a day, but the work follows you almost 24/7.
3. People.
Committed employees, partners, and the rest of the network are ultimately like family. We work towards a common goal.
Bonalive Biomaterials
Industry: health technology
Founded: 2009
Employees: approx. 35, plus a wide academic collaboration and distributor network
Revenue: €5 M (2022)