๐ 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 donโt lie, 70% of companies fail internationally. Weโve 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๏ธโฃ ๐๐ง๐๐๐๐ช๐ฎ๐๐ญ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก: 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๏ธโฃ ๐๐๐๐ค ๐จ๐ ๐ฌ๐ฎ๐ฉ๐ฉ๐จ๐ซ๐ญ๐ข๐ง๐ ๐ฌ๐๐ฅ๐๐ฌ ๐ข๐ง๐๐ซ๐๐ฌ๐ญ๐ซ๐ฎ๐๐ญ๐ฎ๐ซ๐: 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๏ธโฃ ๐๐ฏ๐๐ซ๐ฅ๐จ๐จ๐ค๐ข๐ง๐ ๐๐๐ ๐ฎ๐ฅ๐๐ญ๐จ๐ซ๐ฒ ๐๐ฎ๐ซ๐๐ฅ๐๐ฌ: 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๏ธโฃ ๐๐ซ๐จ๐๐ฎ๐๐ญ / ๐๐๐ซ๐ฏ๐ข๐๐ ๐๐๐๐ฉ๐ญ๐๐ญ๐ข๐จ๐ง: 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๏ธโฃ ๐๐๐ฌ๐จ๐ฎ๐ซ๐๐ ๐๐ฅ๐ฅ๐จ๐๐๐ญ๐ข๐จ๐ง: 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.
๐ฏ By joining forces with GrowthMedics, youโre tapping into a wealth of knowledge and local know-how that can help avoid these pitfalls.
๐ 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.
๐ Letโs chat about your international opportunities.
