Interview date: 16 June 2014
Interviewed by: Tanja
Expeda is an Icelandic company created by Iceland’s top physicians, researchers, and software engineers to develop the next generation of web-based medical diagnostic information technology. This expert multi-disciplinary team in collaboration with Iceland’s top hospitals, universities, and research institutes has developed the Expeda technology over the past 14 years. Expeda’s mission is to utilize advancements in mega-data processing and analysis, cloud computing, web-based IT systems, and advancements in mobile applications to advance medical diagnostics, enhance physician’s capabilities, and to improve interface between physicians, patients, and researchers.
- Name: Thorsteinn Geirsson
- Email address: thor [at] expeda.is
- Phone number: +345 897 9148
- Your title in the company: COO
- Company Name: Expeda / www.expeda.is / Kt 470201-2230
- Industry: Medical & Healthcare / IT
- Company years in operation: 2008
- Type of company: Private Limited companies (“Einkahlutafélag” (ehf)
- How many employees does your company have: 1 employee and 5 contractors
- Annual turnover: 2013: 12M ISK
- Description of company:
International healthcare software through licensing products either annually or monthly.
Their software aggregates large amounts of information per country (as the information is country specific) and the diagnosis of osteoporosis and rheumatic diseases of a given patient. It is a very easy to use software that any general medical practioner can input data for a patient and get an immediate visual representation of the % likelihood of being susceptible to osteoporosis and rheumatic diseases and the relevant recommended prescription. (In case studies with expert doctors in this field, the software has outperformed, a panel of doctors per given case study).
12. Company Mission:
To provide quality global healthcare market with quality and reliable tools to provide ultimate care.
Providing expert information to everyone. Giving the general practioner access to diagnosis of hard-to-diagnosis diseases such as osteoporosis and rheumatic disease.
13. Description of social / environmental mission:
To enable the general public easy access to expert medical knowledge by doing so we will allow them to receive better healthcare at a lower cost.
14. Would you call yourself a social entrepreneur or social enterprise?
Yes, as we have an impact in society: increasing access to expert knowledge, increasing quality, lowering costs.
15. How do you interpret the concept of social enterprises?
It has a collective gain, there’s something in it for everybody, equality.
Questions related to the definition
16. Does your company have a clear social and/or environmental mission set out in their governing documents?
No, description as per the general Articles of Association.
17. Does your company generate the majority of their income through trade? (51% and above). If not, how much?
Mostly licensing income, very small part is from grants.
18. Does your company reinvest the majority of its profits back into the social and/or environmental mission? (51% and above), if not, how much?
Currently there are no profits as they are still in start-up phase
Hard to say right now as they don’t know where the market is going, but the investors are definitely looking for return.
19. Is your company autonomous of state? Yes
20. Is your company majority controlled in the interests of the social and or environmental mission?
Yes to the point of the intention of the product, but they don’t not see themselves as a social mission driven company.
In Iceland, the 95% medical field has access to the software at a very low cost. They are currently serving as a test ground.
21. Is your company accountable and transparent? (Transparency – corporate actions are observable by outsiders)
Yes, as per the requirements of a registered company (independent auditors for the annual accounts, regular BOD meetings and tax filings).
22. Who are you clients / focus group?
Medical Insurance providers
Dairy industry (in relation to osteoporosis) – potentially
They have produced an app for the general public to access for diagnosis, but it isn’t their main focus.
23. What KPI’s (key performance indicators) or measurement tools, if any, do you use to access if you are meeting your social impact according to your mission? (e.g. Number of users, number of engaged users. Etc.)
Not at the moment.
As the medical data is very private, it is difficult to access any KPIs related to the impact of the use of the software.
24. As per 23, what type of social impact have you created through your products/services (e.g. assisted 1,000 people access to health care they won’t have otherwise). As per 23. above
Social enterprise sector
25. If a social enterprise umbrella body were formed, would you be interested to know more about it and possibly join as a member?
We would be interested to participate and become a member.
26. What support do you personally need from such an umbrella body and/or what support do you think the social enterprise sector requires?
Be part of an organization that promotes social entrepreneurship and social enterprise in Iceland in order to bring about positive social impact. It could provide capacity-building programmes and business services, and fostering synergistic partnerships among key stakeholders, e.g. government, businesses and public sector to build up individual enterprises and the sector at large
Specialties: Healthcare and IT.
27. How would you like to see social enterprise develop in Iceland?
There is a fertile ground for projects / enterprises aimed at the common good. That is definitely what we are doing.
Some problems facing Iceland at present:
1) The ISK is a problem in terms of attracting foreign investors. They will be paid in Kroners which they cannot use.
2) There is a large gap between the super-rich and the super poor that is something not talked about much in Iceland. It is nothing like the developing countries, as there is social support, but it still is increasing. Disposable income has dramatically decreased which is meaning a lot of the Icelandic workforce is going abroad where it is possibly 2 -4 times more than they can save in Iceland.
28. Can you recommend a company (NGO) that you may know of that has a social and/or environmental mission?
SAA -National Centre of Addiction Medicine – www.saa.is
Samhjálp – http://www.samhjalp.is/
Odd Fellows – www.ioof.is / www.oddfellows.is
Note: Social Enterprise Iceland does not in any way imply that the interviewed company is a social enterprise. The definition for social enterprise in Iceland is still work in progress through these research interviews. The purpose of sharing these interviews with the public is in alignment with our values of transparency as we share our process of discovery with those who are interested.by