How to Build an Internationalization Strategy for HealthTech

How to Build an Internationalization Strategy for HealthTech

How to Build an Internationalization Strategy for HealthTech

October 13, 2020

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Satu Peltonen

Internationalization in a nutshell.

Internationalization Starts with a Strategy

It is a known fact that most internationalization attempts fail due to lack of thorough preparation and adhering to the chosen strategy.

When it comes to life sciences – healthcare technology, biomedical technology and pharmaceuticals – that is an industry operating in a heavily regulated environment, any attempt to seek market growth through internationalization faces a multitude of specific considerations.

In an ideal case, the internationalization has been integrated right into the R&D process, because the target market may encompass cross-cultural and cross-national aspects that need consideration in the design phase.

In most cases, companies opt to localization approach that seems more robust solution but could cause some design alterations afterwards.
Another reason to choose your target market as early on as possible is to implement regulatory requirements into the R&D process by aligning them where applicable.

In other words, it underscores the fact that knowing, understanding and researching the target market is the key-step when expanding to another country.

Once it is clear that the device, application or product fits into the target market, it is time to assess if there is a demand for it and how attractive the market is considering the competition.

Beijing sky scraper & cctv tower

Localization to specific markets is essential in internationalization.

One of the essential aspects when analyzing the potential market is to understand the external environment or business operations and those advantages and disadvantages it has compared to home-market. After all, this is the most substantial deviation of operations so far.

Legislations do Differ

Every country has its laws and regulations that need to be adhered to and preparing for the regulatory requirements is a must and best made with someone who understands the local legislation and human factors process. The need for clinical trials should be taken into consideration when navigating through the regulatory process. The one thing that some companies do not pay enough attention is the IP protection strategy that needs thorough planning with the local legal system in mind.

For reimbursement strategy, it is essential to understand how the healthcare system works. How much is healthcare spending, and what is the role of the government and insurance companies? How much is paid by the government and how much is covered by the insurance? How much is the compulsory insurance and how much is paid out-of-pocket by the patient? Who decides on the treatment? The physicians or the insurance company who pays the bill? In some countries, the reimbursement landscape can be very complicated due to the fragmented healthcare system and medical device distribution, including invoicing.

Business Models and Partnerships

When considering appropriate market entry strategies, adapting the business model to the environment is an iterative process where market fit, distribution and partnerships are some of the factors to consider. Also, what are the required skills and resources needed for successful business operations and is there a need to relocate workers or hire locally in critical positions? Modifying the business model may take considerable time as it involves many managerial questions, including R&D and Know-How against IPR infringements.

“Appropriate partnerships are the key” for successful internationalization, and it will also influence the business model, so taking time to do a thorough research of the key-players will pay back subsequently when creating a supply chain management system. One of the most important aspects of partnerships concerns distributors, with whom discussions also need considerable attention in terms of the trust of business operations. It is worth noting that all of this will influence the import and export operations in terms of manufacturing and financial issues.

Although building an appropriate strategy for internationalization of healthcare technology is dependent on the device, application or product as well as the target market, this outlines those aspects that are essential for building an effective strategy. Even if not all of the above applies to a specific case, they should nevertheless be taken into account when drafting up plans.

HealthTech Internationalization Projects focused on Switzerland, Japan and China

HealthTech Internationalization Projects focused on Switzerland, Japan and China

HealthTech Internationalization Projects focused on Switzerland, Japan and China

September 15, 2020

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Satu Peltonen

Beijing sky scraper & cctv tower

Download the deck for HealthTech track China here.

New Healthcare Technology Internationalization Projects

Is it a good time to start an internationalization project? Perhaps this is the first question that comes to mind? Using the opposite argument: Why would it not be?
One has to keep in mind that planning an effective internationalization with a good strategy and essential activities is a longterm project that spans from a half year to several years – depending on the target market. Half a year invested in internationalization is enough to outline a strategy at its best and to get a vague understanding of the market dynamics.

China-Focused Coaching

To provide the essentials to plan a HealthTech market entry strategy to China, inXso has created a coaching track starting with a deep-dive into the Healthcare sector and market dynamics that will give an outlook of the current market demand and future trends in healthcare technology.

The core of the coaching is a three-day workshop that will help the participants to create a strategy that concentrates on the central questions of HealthTech internationalization; regulatory landscape, IP & reimbursement strategies, R&D and know-how management with core competencies and business models.

At the end of the coaching is a mentoring session for participants that will focus on the practical side, such as market research and distribution with partnerships and funding opportunities.

The main take away of the coaching track is a market entry strategy plan that functions as a basis for future internationalization activities in setting up an operative business.

The participation for the coaching track is limited for 10 to 15 participants, and registration is through Eventbrite.

Download the schedule for the HealthTech track China here.

Beijing sky scraper & cctv tower

Active Approach to Switzerland and Japan

When it comes to healthcare technology, Switzerland and Japan have more in common than one might think. The keywords are demographics, government initiatives and healthcare digitalization.

Beijing sky scraper & cctv tower

Download the deck for Switzerland and Japan project here.

The healthcare technology internationalization project to Switzerland and Japan is not limited to coaching, although creating a market entry strategy is an essential part of the project.

This project is primarily for HealthTech companies who are seeking market growth by expanding to Switzerland or Japan or both.
The idea is to use the synergy created by the cooperation of several HealthTech companies who share similar interests in market expansion.

The project starts in October with the group formation, and there will be more information coming about funding possibilities and other practicalities to consider in the next month.

What are the Key Points of Chinese Health Tech Initiatives? Join Discussion on May 29th

What are the Key Points of Chinese Health Tech Initiatives? Join Discussion on May 29th

What are the Key Points of Chinese Health Tech Initiatives? Join Discussion on May 29th

May 21, 2020

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Satu Peltonen

Beijing sky scraper & cctv tower

Photo credit goes to Xixi Zou, a Beijing-based marketing expert who loves photographing and traveling.

China World Trade Center (CWTC) also known as China World is located in the heart of Beijing Central Business District (CBD), one of the most important international financial centers in China.

What are we discussing?

In our series focusing on Health Tech in Chinese market inXso is organizing an interactive webinar “Health Tech China Focus” together with Tampere HealthHUB that will briefly discuss some of the key points and rather unique aspects of Chinese Health Tech initiatives and their implementation.

We will take a look on the concept of “Big Data” and its role on Health Tech development as well as in market research and marketing from a Chinese point of view, but we will also provide an overview of the regulatory and IP landscape in China that European Health Tech companies should be aware of before aiming at the Chinese markets.

As a hierarchical society China has its own perspectives in R&D management structure that will influence on the decision making and communication, and we will see to the advantages and disadvantages that this might bring into the collaboration with western companies.

We have created a Health Tech China Focus -channel in Microsoft Teams that will open using the following link:

We wish to make this an interactive discussion rather than just an informative webinar, and therefore the participants may share their comments and questions in the chat room.

Welcome to join us!

Interested to learn more about China and Health Tech?

Interested to learn more about China and Health Tech?

Interested to learn more about China and Health Tech?

May 14, 2020

l

Satu Peltonen

Beijing sky scraper & cctv tower

Photo credit goes to Xixi Zou, a Beijing-based marketing expert who loves photographing and traveling.

The CCTV Headquarters or China Central Television Headquarters is located at Guanghua Road in the Beijing Central Business District (CBD), one of the most important international financial centers in China.

We are creating a new Health Tech track with Finest China.

inXso is creating a HealthTech track in collaboration with Finest China and Slush China both virtually online and offline with the goal to establish a platform bridging European and Chinese HealthTech Startup communities, BioMedTech corporates and Venture Capital investors within these fields.

The HealthTech track consists on mentoring sessions, training, workshops and events with the objective to give insights on HealthTech innovations, business models and market opportunities within a cross-sectional community of professionals.

This is a great platform for European Startups and SEM companies to expand their networks towards Chinese markets while gaining insights about the unique characteristics China is so well known of. There is no need to make any speedy decisions to expand to Chinese markets before gaining knowledge about the marketing and localization strategies as well as IP & regulatory landscape that plays a pivotal role in decision making. One of the most important aspects regarding expanding to Chinese markets is to build trust and find the right partners; The foremost goal that inXso together with Finest China is facilitating within this program.

Our starting event is a Health Tech online pitching for Startups, which is part of the Slush China “Reboot the Future” online pitching program, but this time the focus is on Nordic and European Health Tech Startups together with their Chinese counterparts and the Jury with panelists are from Finland and China, which makes this event stand out among others.

For Startups this presents an opportunity to showcase their innovations to more than 200 investors from China and Europe in addition to matchmaking with approximately 400 attendees including investors, corporates, and media, practically from their home couch.