Per April 2023 Canadian medical manufacturers can apply for a funding for fiscal year 2023 and 2024!
Don’t miss out on this opportunity and read how to apply and which services you can utilize to help obtain successful international sales growth
Canadian SME medical device manufacturers can apply for funding to get reimbursed up to 50% of selected business development and export activities described below. The Canadian Government has re-opened this program for fiscal year 2023-2024.
Did you know the EMENA healthcare market has a larger growth potential than North America?
Don’t miss out on your international growth opportunities! This blog will explain which activities can be funded for 2023 and 2024 and how you can benefit from the expansion services of GrowthMedics. GrowthMedics is an approved supplier and has a track record of helping Canadian medical device manufacturers scale their revenue successfully in Europe and the Middle East / North African region. Contact us for more information at firstname.lastname@example.org or book a meeting with us here.
Read here how a Toronto based IT medical device manufacturer expanded in Europe through distributors and hospitals.
What expansion activities can be funded?
GrowthMedics provides a complete range of growth services with a proven track record across various medical device industries. Get up to 50% funded for the following activities:
- Have an outsourced experienced dedicated sales office and team operating day-to-day developing and managing your EMEA sales channels
- Market research and sales potential validation
- Online marketing growth, more traffic and more leads by localizing your online presence in international markets
- Localizing your marketing material through translations
- CE marking, Authorized representation, Importing and MDR related consultancy, implementation and support
- Tradeshow lead generation programs
- Legal and financial consultancy in international markets
1. In-country / continent sales representation to enter and grow new customers in EU / MENA healthcare markets
We will provide a sales office in the Netherlands and/or a Middle Eastern office in Dubai (UAE) with a multilingual dedicated experienced sales team acting on your behalf as your sales boots on the ground. Our team will be trained by you, report to you and daily developing, managing and growing your EMEA prospects and channels in multiple international markets.
Our infrastructure and growth development framework has allowed numerous North American medical device manufacturers expand and leverage our years of expertise with a vast network of thousands of key stakeholders that includes distributors, OEM’s, KOL’s and more.
2. Validating your sales potential and securing a successful market entry
If you are developing a new product, considering to invest in CE marking or considering to expand and grow revenue in new markets and looking for a market entry plan, our growth validation service can help assess the potential for your solutions in new international markets and secure your market entrance.
We will research the addressable market size, online market assessment, competitive and price analysis as well as identifying and assessing the sales potential among your top targets in the EMEA market.
3. Scaling your EMEA online sales by localizing and increasing traffic and lead conversions
Did you know that over 80% of European decision makers research online before they make a purchase decision? Europe is a fragmented market with each country having its own purchasing behaviour, language, culture and business development landscape.
By our technical know-how combined with our medical industry expertise, we are able to craft and execute an online strategy to grow your online sales by developing and converting direct and b2b customers. We are using localization of websites, Local search engine optimalization, local social media management and more.
Get maximum sales results by combining your offline sales activities with your online sales.
4. Localize your marketing material.
As explained above, Europe is fragmented with each country having its own language. Especially in Eastern and Southern Europe, where the English language is not widely spoken, having local translated marketing material can help make the difference! Our medical device translation experts can help translate in any European and Middle Eastern language.
5. Applying for a CE mark within the new MDR/IVDR regulation.
MDR/IVDR Importing Services in Europe
If you need regulatory guidance to comply with the new MDR/IVDR regulations or with the MHRA guidelines since the Brexit is no longer part of Europe, we can assist with regulatory support.
We can assist and navigate in obtaining the CE mark, meeting importer guidance or assist with your Quality Management System. We can also provide a gap analysis with your current QMS and develop a plan to meet the new standards
6. Tradeshow Lead generation
Most international tradeshows are planned to take place in Q3 and Q4 of 2023. Last November, the largest medical device show MEDICA in Dusseldorf took place with over 45,000 visitors indicating the interest and willingness to visit tradeshows. We made an updated overview of leading European medical tradeshows to attend in 2023.
If prepared right, tradeshows can be extremely fruitful to meet with new potential partners and stakeholders. We have built an exclusive lead generation program for tradeshows to help you secure meetings with top prospects. We will prepare and have a complete marketing campaign around your attendance. The fund compensates up to 50% of your travel and tradeshow expenses.
7. Choosing the best legal and financial options for your expansion
There are many aspects to consider when expanding internationally. You are looking for the most cost-effective solutions that minimizes your risk and cost as much as possible and simultaneously is aligned with your future growth plans.
GrowthMedics can provide advisory to help you make the right decision that will save cost and result into a return on investment. Topics such a fiscal representation, importing, stocking possibilities but also hiring, setting up an entity and bank-account are areas we can consult in.
Conditions and How to apply:
Which Canadian medical device manufacturers can apply?
Funding is available for all Canadian SME Medical device manufacturers meeting the following criteria:
√ Be for-profit
√ Be an incorporated legal entity, limited liability partnership (LLP) or cooperative
√ Have a Canada Revenue Agency business number
√ Employ fewer than 500 full-time equivalent employees
√ Have $100,000 to $100 million in declared revenue in Canada during its past fiscal year (or 12 months for quarterly filers)
How much will be funded?
The program now funds up to 50% of eligible costs for $10,000 to $50,000 in funding per project for 2023 and 2024. The applicant is responsible for the remaining 50% of eligible project costs (in-kind contributions are not permitted).Each of the services mentioned above may apply for a separate project. If you have an interest we will provide a proposal specific to your needs and help you understand your investment.
You can easily apply by sending an email to email@example.com so we can help navigate.
It will take a maximum of 60 business days to receive a confirmation of an acceptance. If you need more information please have a look at the trade commissioner’s website.
Also check out Growth Imports for your import and export needs.