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Avoiding international sales expansion pitfalls for medical companies

๐ŸŒ The growth potential in international markets are significant but not an easy task. Especially for medical companies with little presence in international markets. More competition, pressure on hospital budgets, regulatory requirements, increasing labor costs while navigating complex fragmented markets and patient expectations โ€“ the numbers donโ€™t lie, 70% of companies fail internationally. Weโ€™ve seen cases where medical companies rushed into Europe without really understanding how things work on the ground. Sometimes, language barriers made it tough to connect with potential customers or not having adequate local sales representation. Or missing the mark by not aligning prices or services with what the market expects. Key pitfalls:

1๏ธโƒฃ ๐ˆ๐ง๐š๐๐ž๐ช๐ฎ๐š๐ญ๐ž ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก: A major reason why medical companies stumble abroad is insufficient market research. Failing to understand the unique needs, regulations, and competitive landscape in EU and MENAA markets can lead to a wastage of time and resources.

2๏ธโƒฃ ๐‹๐š๐œ๐ค ๐จ๐Ÿ ๐ฌ๐ฎ๐ฉ๐ฉ๐จ๐ซ๐ญ๐ข๐ง๐  ๐ฌ๐š๐ฅ๐ž๐ฌ ๐ข๐ง๐Ÿ๐ซ๐š๐ฌ๐ญ๐ซ๐ฎ๐œ๐ญ๐ฎ๐ซ๐ž: Managing sales from oversees will maintain operational complexities such as timezone, language barriers, cultural misalignment and inefficiencies of travelling resulting into ineffective representation, lower sales success and less effective engagement with local customers. Having local sales representation is a must for international sales success.

3๏ธโƒฃ ๐Ž๐ฏ๐ž๐ซ๐ฅ๐จ๐จ๐ค๐ข๐ง๐  ๐‘๐ž๐ ๐ฎ๐ฅ๐š๐ญ๐จ๐ซ๐ฒ ๐‡๐ฎ๐ซ๐๐ฅ๐ž๐ฌ: Navigating the labyrinth of regulations in different countries can be overwhelming. Companies often overlook the importance of complying with local laws and standards, leading to costly delays or product recalls.

4๏ธโƒฃ ๐๐ซ๐จ๐๐ฎ๐œ๐ญ / ๐’๐ž๐ซ๐ฏ๐ข๐œ๐ž ๐š๐๐š๐ฉ๐ญ๐š๐ญ๐ข๐จ๐ง: Often companies do not realize the unique needs of local markets and the need for adaption that will require resources, flexibility and management commitment to make changes in the short term to gain long-term sales success.

5๏ธโƒฃ ๐‘๐ž๐ฌ๐จ๐ฎ๐ซ๐œ๐ž ๐š๐ฅ๐ฅ๐จ๐œ๐š๐ญ๐ข๐จ๐ง: Companies that are successful in international markets have a long breathe and are investing in marketing, educational and building referral resources. Building a brand and becoming a trusted player in EU and MENA markets will require full long-term commitment.

๐ŸŽฏ By joining forces with GrowthMedics, youโ€™re tapping into a wealth of knowledge and local know-how that can help avoid these pitfalls.

๐Ÿ“ˆ Through our in-country sales rep. services with access to 60+ healthcare markets and thousands of distributors, OEMs and hospitals and MDR/IVDR importing services we are dedicated to making worldwide medical companies successful in international markets.

๐Ÿ“ž Letโ€™s chat about your international opportunities.

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