Greater reach
Having a presence in an international market can help you to reach more people. For life science companies, expanding internationally means you can help more patients access your lifesaving and life-changing treatments and medical tools, greatly improving global health.
Improved access to talent
Being in a new market allows you to access a new talent pool with diverse skillsets, varied cultural backgrounds, and invaluable knowledge of the local market. This can be particularly beneficial if your domestic market is short of good talent.
Access to new facilities
International expansion can also help you to gain access to new technologies, innovative facilities and industry ecosystems which may significantly benefit your business operations.
Diversifying company markets
Operating in more than just your domestic market can offer your organisation greater financial stability.
Greater brand awareness
Operating in a new market gives you the chance to strengthen and build new brand awareness, recognition and loyalty.
Investment opportunities
Many government bodies will offer investment incentives for businesses wanting to grow in their country which could help you produce innovative and advanced therapies and devices quicker.
Cultural differences
All markets have different business environments. This can impact the way your HR team needs to operate, how you build relationships with local partners, and how you market your products. Your business and its offerings will need to appeal to the local demographic, overcome language barriers, and embrace cultural differences.
Compliance and regulatory issues
For life science companies, setting up in a new locale will mean different tax codes, business regulations, and product standards. This may mean changing the packaging for your treatments, putting the instructions in a different language or giving different dosage recommendations, etc.
Lack of brand awareness
It can take years of hard work to establish a good reputation for your brand. However, being well established in one part of the world doesn't mean people elsewhere will know who you are or what you stand for. Being new to a market may mean you struggle to appeal to the local population and to attract employees as an unknown brand.
Watch the replay of our live webinar where our expert panel discussed everything you need to consider when expanding your life science business into countries in Europe.
Watch the recording from our live event where our panel of industry experts discussed the challenges you may face when expanding your company into the Asia Pacific region.
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