3 min reading time

As originally asked by Clara Sue.

Entering a new market can be scary? Where do you start?

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Sean Derondeau
Key Account Director – Medical Devices at GlobalData
Hi Clara, understanding your competitors and local market drivers and limiters in each area you’re entering is critical before trying to enter new markets.

Sri Ram Raghvan
International Business Consultant
You can register your products/business on online international business directories. At their your business get good exposure worldwide. These business directories are being used by suppliers and buyers from accross the world. Check [http://www.indiamart.com|leo://plh/http%3A*3*3www%2Eindiamart%2Ecom/Yy1b?_t=tracking_disc] for this.

Ramon Martorell
Product Manager at Schiller Latin America
After doing an in depth research on regulatory issues in the different countries you MUST hire a native speaking rep, one that knows and understands the culture and market idiosyncrasies. In my experience in LatAm, trying to do business without a complete knowledge of Spanish, and at least a working knowledge of Portuguese, will be a sure way to fail. I am sure that the same can be said in Europe, where English might be enough to get by but not enough to have the success you want. Companies that rely exclusively on local reps (i.e. monolingual in English) will not get the growth potential they need.

Dagmar El. Stark-Bastin
B2B Int’l language service provider/100% human translation & localization services. 24/7 ANY DAY; 2 x Inc. 5000 Honoree
Making sure that your lingo is appropriate and reaches your audience!!!! With that said, using experts who know what’s at stake when one uses the right lingo or not, Keylingo Translations Colorado can help you step-by-step to reach for the milky way. The stars are no limit for us. If interested in world-class translations, localization and stellar customer service, contact me at: dagmar.stark-bastin@keylingo.com. I am ready to assist you!

Peter Chang
Senior Director Regulatory Affairs, Solta Medical, Inc., Valeant Pharma
One way is to get help from us. We help people to find distributors, do the registration, market demand and competitive studies in the Asian markets. We have six offices in five Asian countries, staffed with local experts, plus we have a network of affiliates to help us to serve you with super results. Many well know and prominent companies are our clients.
[http://www.pacificbridgemedical.com/|leo://plh/http%3A*3*3www%2Epacificbridgemedical%2Ecom*3/lITD?_t=tracking_disc]

Bob Norcross
President, Norcross Corporation
Having been involved in an industrial control company for over 40 years, as well as a third generation owner, who is now building equipment in Brazil and China as well in our home office in Newton MA.

I am assuming you are primarily US based, thus I would search your customer list and find those who are already international. Then spring to their overseas locations.

Another way is to identify a very specific narrow market where you company has some special advantage in some specific country and then find a few customers in that country and/or agents who sell lines similar to ours.

The other advice given above is also excellent.

Jackie Bojor
Emerging Europe Market Entry and Development Consulting: Market Research, B2B, M&A, Sourcing in: Romania, Poland etc.
Very interesting topic, Clara. Congratulations!

In regards to entering Eastern European markets – where imports of medical devices sometimes reach 90% of the total market according to Espicom – our clients, the manufacturers, tend to approach us for market entry support after they tried, without success for years, securing long term relationships with local importer-distributors or end buyers.

Or even, in some cases, getting any response from the targets in the market, in spite of attending trade fairs and making connections on the ground…

So it looks like a last resource solution for some sectors, like for instance, orthopedic implants, trauma surgey or dental instruments…

What is your experience in trying to enter the emerging markets in Europe?

Jackie Bojor

Mathieu CHARLEUX
Associate Partner
If I have advice to give I would say take your time and target the countries you want to enter properly. Do your homework in terms of market study to get to know the local players, the pricing in the country, the reimbursement, the regulatory burdens you need to face and do visit the country multiple times to meet your end-users.
Yes it can be scary but then again if you meet the right people, they will guide you through the differences in culture, business approach and finding the right distributor for example.

Terry Mr
Manager at Telefield Medical Devices Ltd.
Go to exhibition, can face to face the customer to collect the information. Develop the sales people in these country