It’s well-known around the world that despite its many breakthrough technologies and advances in healthcare, the United States lags behind other countries when it comes to coverage, cost, and quality. However, as healthcare companies rush to address these challenges driven by consumers in the US, they must realize that anything viable in America likely has potential overseas, assuming the right steps for international expansion are taken.
For many entrepreneurs and healthcare leaders who firmly believe in their product, they must consider America as only a slice of the pie when it comes to revenue potential. For example, the medical device market is expected to reach $150 billion in 2017 in the U.S. alone, a tremendous figure that demonstrates rapid growth. However, when looking outside America, the global medical device market is set to reach close to $400 billion. Now, while there are thousands of companies in this industry each targeting their own respective market segment, their revenue opportunity grows significantly when efforts go international.
Establishing operations abroad requires the same foundation and principles to do so in the United States, but with the increased need for adaptation to local culture and business practices, and increased need for partners that can be trusted. [Read more…]