Ernst & Young has pointed out in a recent report that in the face of fierce market competition, biotechnology companies will transcend national boundaries, and internationalization will become an important indicator of the maturity of biotechnology companies.
There are also examples of successful people in the industry. Natong Medical Group, which has been established for just over a decade, has grown into an orthopedic medical device company with more than 20 subsidiaries, more than 2,500 employees, annual sales of 500 million US dollars, and products sold to more than 80 countries.
Thousands of local biomedical device companies are looking forward to getting admission tickets to the “Global Carnival†in the international market. The “Natong Experience†may bring some inspiration.
"Five Steps" Internationalization Strategy
Wang Yingzhi, vice president of Natong Medical Group, introduced Natong's internationalization strategy, which can be summarized as “five stepsâ€.
“Nantong has only been in internationalization for only four years. At the beginning, like the peer companies, it is simply looking for agency partners, through the B2B (Business To Business) website, through commercial exhibitions, through academic conferences for orthopedics. Try to find agents in other countries to sell our products."
Wang Yingzhi believes that the second step in opening up the international market is to fully support the agents. “To do a lot of marketing activities, the agent’s share and market coverage will be more adequate.â€
“In the third step, we will establish offices in mature markets in various countries. After that, we will have employees of the company. In principle, we will increase the coverage of agents.†He further explained, “If it is an exclusive agent, it will be split. If it turns out to be a non-exclusive agent, you can find a regional agent in the area where it is not done, and increase the coverage."
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