Latest / Clinician to CEO : Export Your Medical Device With Confidence By Overcoming Go To Market Roadblocks For Medtech Growth / #205 | The #1 Mistake MedTech Companies Make When Choosing Export Markets
Transcript
- 0:00The
- 0:00one
- 0:00thing
- 0:00that
- 0:00you're
- 0:00gonna
- 0:00discover
- 0:01on
- 0:01today's
- 0:01episode
- 0:02is
- 0:02why
- 0:03the
- 0:03first
- 0:03question
- 0:03when
- 0:04entering
- 0:04a
- 0:04new
- 0:04market
- 0:05isn't
- 0:05how
- 0:06do
- 0:06we
- 0:06get
- 0:06in,
- 0:07But
- 0:07should
- 0:08we
- 0:08be
- 0:08going
- 0:08there
- 0:08at
- 0:09all?
- 0:10Welcome
- 0:10to
- 0:10Clinician
- 0:11to
- 0:11CEO,
- 0:12the
- 0:12podcast
- 0:13helping
- 0:13clinicians
- 0:14simplify
- 0:14your
- 0:15go-to-market
- 0:15strategy
- 0:16so
- 0:16that
- 0:16you
- 0:16can
- 0:17stop
- 0:17guessing
- 0:18and
- 0:18turn
- 0:18your
- 0:19working
- 0:19prototypes
- 0:20into
- 0:20international
- 0:21MedTech
- 0:21businesses.
- 0:22I'm
- 0:22your
- 0:22host,
- 0:23Hakeem
- 0:23Aade.
- 0:24Let's
- 0:25get
- 0:25started.
- 0:26So
- 0:26the
- 0:26three
- 0:26things
- 0:26that
- 0:26you're
- 0:26gonna
- 0:27discover
- 0:27on
- 0:27today's
- 0:28episode
- 0:28are,
- 0:28number
- 0:29one,
- 0:29why
- 0:29market
- 0:30understanding
- 0:31should
- 0:31come
- 0:31before
- 0:31market
- 0:32activity.
- 0:33Number
- 0:33two,
- 0:33how
- 0:33the
- 0:34right
- 0:34market
- 0:34entry
- 0:35strategy
- 0:35changes
- 0:36depending
- 0:36on
- 0:36the
- 0:36size
- 0:36of
- 0:36your
- 0:36business.
- 0:37And
- 0:37number
- 0:37three,
- 0:38the
- 0:38mistake
- 0:38many
- 0:39companies
- 0:39make
- 0:40that
- 0:40costs
- 0:40them
- 0:40time,
- 0:41money,
- 0:42and
- 0:42momentum.
- 0:42And
- 0:42to
- 0:42help
- 0:43me
- 0:43do
- 0:43that,
- 0:43I'm
- 0:44gonna
- 0:44go
- 0:44through
- 0:44the
- 0:44decision
- 0:45scenario
- 0:46from
- 0:46my
- 0:47conversation
- 0:48with
- 0:48Kurt
- 0:48Jennewin,
- 0:49who
- 0:49is
- 0:49a
- 0:49med
- 0:49tech
- 0:50expert
- 0:50with
- 0:50extensive
- 0:51experience
- 0:51helping
- 0:52companies
- 0:52enter
- 0:52the
- 0:52Japanese
- 0:53healthcare
- 0:53market.
- 0:54So
- 0:54if
- 0:54you
- 0:54haven't
- 0:54listened
- 0:55to
- 0:55that
- 0:55episode,
- 0:55then,
- 0:56you
- 0:56can
- 0:56catch
- 0:56that
- 0:56on,
- 0:57it's
- 0:57episode
- 0:58two
- 0:58zero
- 0:59four
- 0:59So
- 0:59the
- 1:00scenario
- 1:00is,
- 1:00you
- 1:01are
- 1:01the
- 1:01president
- 1:01of
- 1:01a
- 1:01med
- 1:02tech
- 1:02company
- 1:02looking
- 1:02to
- 1:03enter
- 1:03the
- 1:03Japanese
- 1:03market,
- 1:04and
- 1:04you
- 1:04have
- 1:04a
- 1:05promising
- 1:05product,
- 1:05but
- 1:06you
- 1:06have
- 1:06limited
- 1:06resources
- 1:07and
- 1:07time.
- 1:07I'm
- 1:07sure
- 1:08everyone
- 1:08listening
- 1:08will
- 1:08recognize
- 1:09that.
- 1:09You
- 1:09need
- 1:10to
- 1:10make
- 1:10a
- 1:10strategic
- 1:11decision
- 1:11on
- 1:11your
- 1:11next
- 1:12step.
- 1:12So
- 1:12do
- 1:12you,
- 1:12A,
- 1:13focus
- 1:13on
- 1:13building
- 1:14relationships
- 1:14with
- 1:14Japanese
- 1:15distributors
- 1:15before
- 1:15finalizing
- 1:16the
- 1:16actual
- 1:17product?
- 1:17Do
- 1:17you,
- 1:17B,
- 1:18invest
- 1:18heavily
- 1:19in
- 1:19local
- 1:20regulatory
- 1:20compliance
- 1:21before
- 1:21any
- 1:21market
- 1:22outreach?
- 1:22Do
- 1:22you,
- 1:23C,
- 1:23launch
- 1:24a
- 1:24pilot
- 1:24program
- 1:25to
- 1:25test
- 1:25product
- 1:26response
- 1:27in
- 1:27key
- 1:27hospitals?
- 1:28Or
- 1:28do
- 1:28you,
- 1:28D,
- 1:29conduct
- 1:29extensive
- 1:30market
- 1:30research
- 1:31to
- 1:31understand
- 1:31customer
- 1:32needs
- 1:32before
- 1:33taking
- 1:33further
- 1:34actions?
- 1:34So
- 1:34doing
- 1:35a
- 1:35pilot
- 1:36would
- 1:36be
- 1:36really
- 1:36difficult
- 1:37because
- 1:37generally
- 1:38you
- 1:38have
- 1:38to
- 1:38have
- 1:39regulatory
- 1:39approval
- 1:40before
- 1:40you
- 1:40would
- 1:40start
- 1:41a
- 1:41pilot.
- 1:41There
- 1:41are
- 1:42ways
- 1:42of
- 1:42importing
- 1:43your
- 1:43product
- 1:43into
- 1:43Japan
- 1:44prior
- 1:44to
- 1:45regulatory
- 1:45approval,
- 1:46but
- 1:46it's
- 1:46generally
- 1:46difficult
- 1:47to
- 1:47do.
- 1:47The
- 1:47regulatory
- 1:48work,
- 1:49you
- 1:49may
- 1:50not
- 1:50want
- 1:50to
- 1:50do
- 1:51until
- 1:52you,
- 1:52have
- 1:52a
- 1:52good
- 1:52understanding
- 1:53of
- 1:53the
- 1:53market
- 1:53and
- 1:54whether
- 1:54or
- 1:54not
- 1:54y-
- 1:54you-
- 1:55your
- 1:55product
- 1:56will
- 1:56really
- 1:56be
- 1:56successful
- 1:57there.
- 1:57From
- 1:58a
- 1:59market
- 1:59research
- 2:00perspective,
- 2:00I
- 2:00think
- 2:01there's
- 2:01a
- 2:01lot
- 2:01of
- 2:01things
- 2:01to
- 2:01say,
- 2:02yeah,
- 2:02market
- 2:03research
- 2:03is
- 2:04is
- 2:04definitely
- 2:05worth
- 2:05doing.
- 2:06It
- 2:06can
- 2:06be
- 2:06expensive.
- 2:07It
- 2:07can
- 2:07take
- 2:07time
- 2:08to
- 2:08do
- 2:08that
- 2:08market
- 2:09research.
- 2:09And,
- 2:10if
- 2:10you're
- 2:10limited
- 2:11in
- 2:11terms
- 2:11of
- 2:11money
- 2:12or
- 2:12focus
- 2:13y-
- 2:13maybe
- 2:13that's
- 2:14not
- 2:14money
- 2:14that
- 2:14you
- 2:14wanna
- 2:15spend
- 2:15on
- 2:15the
- 2:15Japanese
- 2:16market,
- 2:16depending
- 2:16on
- 2:17how
- 2:17big
- 2:17you
- 2:17are
- 2:17as
- 2:18a
- 2:18company
- 2:18or
- 2:18your
- 2:18stage
- 2:19of
- 2:19development.
- 2:20And
- 2:20the
- 2:20relationship
- 2:21development
- 2:21with
- 2:21lots
- 2:22of
- 2:22Japanese
- 2:22potential
- 2:23partners
- 2:23that
- 2:24probably
- 2:24does-
- 2:25just
- 2:25doesn't
- 2:25make
- 2:25sense
- 2:26until
- 2:27you
- 2:27know
- 2:27if
- 2:27you
- 2:27should
- 2:28be
- 2:28in
- 2:28the
- 2:28market,
- 2:29and
- 2:29it
- 2:29can
- 2:29just
- 2:30delay
- 2:30the
- 2:31time
- 2:31that
- 2:31it
- 2:31takes
- 2:32to
- 2:32get
- 2:32into
- 2:32market.
- 2:33So
- 2:33out
- 2:33of
- 2:33those
- 2:34four
- 2:34different
- 2:34options,
- 2:34I
- 2:34would
- 2:35probably
- 2:35say,
- 2:36market
- 2:36research
- 2:36is
- 2:37the
- 2:37way
- 2:37to
- 2:37go.
- 2:38What
- 2:38I
- 2:38really
- 2:38like
- 2:38about
- 2:39Kurt's
- 2:39answer
- 2:39there
- 2:40is
- 2:40that,
- 2:41as
- 2:41you'd
- 2:41expect,
- 2:41he
- 2:41starts
- 2:42with
- 2:42understanding
- 2:43before
- 2:43action,
- 2:44and
- 2:44that's
- 2:44really
- 2:44important
- 2:45cause
- 2:45I
- 2:45see
- 2:45lots
- 2:45of
- 2:46businesses
- 2:46doing
- 2:46the
- 2:47exact
- 2:47opposite.
- 2:48I-
- 2:48they
- 2:48book
- 2:48the
- 2:48flights,
- 2:49they
- 2:49attend
- 2:49the
- 2:49trade
- 2:50shows,
- 2:50they
- 2:50start
- 2:51speaking
- 2:51to
- 2:51distributors,
- 2:52and
- 2:52they
- 2:52start
- 2:53spending
- 2:53lots
- 2:53of
- 2:53money
- 2:53on
- 2:54things
- 2:54like
- 2:54regulatory
- 2:55consultants
- 2:55and
- 2:56translating
- 2:56market
- 2:57materials,
- 2:57and
- 2:58they
- 2:58do
- 2:58all
- 2:58of
- 2:58that
- 2:59before
- 2:59they've
- 2:59answered
- 2:59one
- 3:00fundamental
- 3:01question,
- 3:01which
- 3:02is:
- 3:02Is
- 3:03this
- 3:03actually
- 3:03the
- 3:03right
- 3:04market?
- 3:04Because
- 3:04entering
- 3:05a
- 3:05market
- 3:06isn't
- 3:06that
- 3:06difficult,
- 3:07A,
- 3:07just
- 3:07getting
- 3:07into
- 3:07the
- 3:07market,
- 3:08but
- 3:08entering
- 3:09the
- 3:09wrong
- 3:09market
- 3:10is
- 3:10very,
- 3:11very
- 3:11expensive.
- 3:12And
- 3:12the
- 3:12reality
- 3:13is
- 3:13that
- 3:14market
- 3:14selection
- 3:15is
- 3:15often
- 3:15more
- 3:15important
- 3:16than
- 3:16market
- 3:17entry,
- 3:17because
- 3:18if
- 3:18you
- 3:18pick
- 3:18the
- 3:18wrong
- 3:18market,
- 3:19then
- 3:19the
- 3:19best
- 3:19distributor
- 3:20in
- 3:20the
- 3:20world
- 3:20isn't
- 3:20gonna
- 3:21save
- 3:21you,
- 3:21nor
- 3:21is
- 3:22the
- 3:22best
- 3:22regulatory
- 3:22strategy,
- 3:23and
- 3:23the
- 3:23best
- 3:24sales
- 3:24strategy
- 3:24won't
- 3:25save
- 3:25you
- 3:25either.
- 3:26Because
- 3:26you
- 3:26may
- 3:27have
- 3:27started
- 3:27with
- 3:27the
- 3:27wrong
- 3:28assumption.
- 3:28So
- 3:28the
- 3:28first
- 3:29thing
- 3:29is
- 3:29understanding
- 3:30it
- 3:30and
- 3:30making
- 3:30sure
- 3:30that
- 3:31you're
- 3:31not
- 3:31making
- 3:31any
- 3:31wrong
- 3:32assumptions.
- 3:33The
- 3:33only
- 3:33thing
- 3:33I'd
- 3:33like
- 3:33to
- 3:33clarify,
- 3:34is
- 3:34that
- 3:35term
- 3:35extensive
- 3:35market
- 3:36research,
- 3:36because
- 3:37many
- 3:37SMEs
- 3:38and
- 3:38founders
- 3:39hear
- 3:39that,
- 3:39and
- 3:39they
- 3:39immediately
- 3:40think,
- 3:40"All
- 3:40right,
- 3:40we
- 3:41need
- 3:41a
- 3:41six-month
- 3:41project.
- 3:42We
- 3:42need
- 3:42a
- 3:43£30,000
- 3:43report.
- 3:44We
- 3:44need
- 3:44hundreds
- 3:45of
- 3:45pages
- 3:45of
- 3:45analysis."
- 3:46And
- 3:46actually
- 3:46most
- 3:46don't.
- 3:47What
- 3:47they
- 3:47actually
- 3:47need
- 3:47is
- 3:48enough
- 3:48information
- 3:48to
- 3:48make
- 3:49a
- 3:49decision.
- 3:49and
- 3:49for
- 3:49me,
- 3:50there's
- 3:50three
- 3:50questions.
- 3:51Number
- 3:51one,
- 3:52is
- 3:52there
- 3:52a
- 3:52genuine
- 3:52opportunity,
- 3:53not
- 3:53just
- 3:54a
- 3:54big
- 3:54market,
- 3:55but
- 3:55an
- 3:55opportunity
- 3:55for
- 3:55your
- 3:56product
- 3:56in
- 3:56that
- 3:56market?
- 3:57Number
- 3:57two,
- 3:57can
- 3:58we
- 3:58access
- 3:58customers
- 3:59in
- 3:59that
- 3:59market?
- 3:59Can
- 4:00we
- 4:00realistically
- 4:00reach
- 4:01decision-makers,
- 4:02hospitals,
- 4:02distributors
- 4:03or
- 4:03buyers
- 4:04in
- 4:04that
- 4:04market?
- 4:04And
- 4:04then
- 4:05number
- 4:05three,
- 4:05can
- 4:05we
- 4:06actually
- 4:06make
- 4:06money?
- 4:06Because
- 4:06after
- 4:07distributors,
- 4:07margins,
- 4:08regulations
- 4:09and
- 4:09support
- 4:09costs,
- 4:10you
- 4:10need
- 4:10to
- 4:10know
- 4:11there's
- 4:11actually
- 4:11still
- 4:12a
- 4:12commercially
- 4:12viable
- 4:13business.
- 4:13Now,
- 4:13if
- 4:13you
- 4:13can
- 4:14answer
- 4:14those
- 4:14three
- 4:15questions
- 4:15confidently,
- 4:16then
- 4:16you're
- 4:17often
- 4:17ready
- 4:17to
- 4:17move
- 4:18forward
- 4:18in
- 4:18that
- 4:18specific
- 4:19market.
- 4:19So
- 4:20this
- 4:20week's
- 4:20action
- 4:21that
- 4:21I'd
- 4:21like
- 4:21you
- 4:21to
- 4:21take
- 4:22to
- 4:22look
- 4:22at
- 4:22the
- 4:22next
- 4:23market
- 4:23on
- 4:23your
- 4:23target
- 4:24list,
- 4:24then
- 4:24write
- 4:24down:
- 4:25Why
- 4:25do
- 4:25we
- 4:26believe
- 4:26this
- 4:26market
- 4:26attractive?
- 4:27What
- 4:27evidence
- 4:28supports
- 4:29that
- 4:29belief?
- 4:29Who
- 4:29are
- 4:29the
- 4:29main
- 4:30competitors?
- 4:30What
- 4:31are
- 4:31the
- 4:31biggest
- 4:31barriers
- 4:32to
- 4:32entry?
- 4:32And
- 4:32how
- 4:33would
- 4:33we
- 4:33make
- 4:34money
- 4:34in
- 4:34that
- 4:35market?
- 4:35Now
- 4:35if
- 4:35you
- 4:35struggle
- 4:36to
- 4:36answer
- 4:36those
- 4:37questions,
- 4:37stop
- 4:38thinking
- 4:38about
- 4:38entry
- 4:38and
- 4:38start
- 4:39thinking
- 4:39about
- 4:40understanding
- 4:41what
- 4:42and
- 4:42how
- 4:42you're
- 4:42gonna
- 4:42do
- 4:43stuff
- 4:43before
- 4:43you
- 4:43start
- 4:44thinking
- 4:44about
- 4:44the
- 4:44market.
- 4:45And
- 4:45then
- 4:45my
- 4:45closing
- 4:46quote
- 4:46is
- 4:47that
- 4:47one
- 4:47of
- 4:47the
- 4:47biggest
- 4:47mistakes
- 4:48in
- 4:48international
- 4:48business
- 4:49is
- 4:49confusing
- 4:50activity
- 4:50with
- 4:50progress.
- 4:51I've
- 4:51said
- 4:51this
- 4:51on
- 4:51lots
- 4:52of
- 4:52other
- 4:52episodes.
- 4:53Talking
- 4:53to
- 4:53distributors
- 4:54always
- 4:54feels
- 4:54productive.
- 4:55Traveling
- 4:56feels
- 4:56productive.
- 4:56Trade
- 4:57shows
- 4:57feel
- 4:57productive.
- 4:58Regulatory
- 4:58discussions
- 4:59feel
- 4:59productive.
- 4:59But
- 5:00none
- 5:00of
- 5:00them
- 5:00matter
- 5:00if
- 5:00you've
- 5:00chosen
- 5:01the
- 5:01wrong
- 5:01market.
- 5:01So
- 5:02before
- 5:02asking,
- 5:03"How
- 5:03do
- 5:03we
- 5:04enter
- 5:04Japan?"
- 5:04Ask,
- 5:05Should
- 5:05Japan
- 5:06be
- 5:06our
- 5:06next
- 5:06market
- 5:07at
- 5:07all?"
- 5:07Because
- 5:07the
- 5:08quality
- 5:08of
- 5:08your
- 5:08market
- 5:09selection
- 5:09often
- 5:10determines
- 5:10the
- 5:11success
- 5:11of
- 5:11your
- 5:11market
- 5:12entry.
- 5:12Hakeem: And
- 5:13Hakeem: if
- 5:13Hakeem: you're
- 5:13Hakeem: building
- 5:14Hakeem: a
- 5:14Hakeem: MedTech
- 5:14Hakeem: business
- 5:15Hakeem: and
- 5:15Hakeem: you're
- 5:15Hakeem: not
- 5:16Hakeem: sure
- 5:16Hakeem: whether
- 5:16Hakeem: your
- 5:16Hakeem: next
- 5:17Hakeem: move
- 5:17Hakeem: should
- 5:17Hakeem: be
- 5:17Hakeem: around
- 5:17Hakeem: evidence,
- 5:18Hakeem: market
- 5:19Hakeem: access,
- 5:19Hakeem: commercialization,
- 5:20Hakeem: distributor
- 5:20Hakeem: strategy.
- 5:21Hakeem: Or
- 5:21Hakeem: adoption.
- 5:22Hakeem: Do
- 5:22Hakeem: not
- 5:23Hakeem: guess.
- 5:23Hakeem: Book
- 5:24Hakeem: a
- 5:24Hakeem: healthcare
- 5:24Hakeem: export
- 5:25Hakeem: accelerator
- 5:25Hakeem: diagnostic
- 5:26Hakeem: Call
- 5:26Hakeem: with
- 5:26Hakeem: me.
- 5:27Hakeem: Use
- 5:27Hakeem: my
- 5:27Hakeem: link
- 5:28Hakeem: in
- 5:28Hakeem: the
- 5:28Hakeem: show
- 5:28Hakeem: notes.
- 5:29Hakeem: And
- 5:29Hakeem: in
- 5:29Hakeem: that
- 5:29Hakeem: session
- 5:30Hakeem: I'll
- 5:30Hakeem: help
- 5:30Hakeem: you
- 5:31Hakeem: identify
- 5:31Hakeem: the
- 5:31Hakeem: specific
- 5:32Hakeem: constraints
- 5:33Hakeem: blocking
- 5:33Hakeem: your
- 5:34Hakeem: momentum
- 5:34Hakeem: and
- 5:35Hakeem: the
- 5:35Hakeem: commercial
- 5:35Hakeem: move
- 5:36Hakeem: most
- 5:36Hakeem: likely
- 5:37Hakeem: to
- 5:37Hakeem: unlock
- 5:37Hakeem: your
- 5:38Hakeem: progress.
- 5:38Hakeem: Thanks
- 5:38Hakeem: for
- 5:39Hakeem: tuning
- 5:39Hakeem: in.
- 5:39Hakeem: Until
- 5:40Hakeem: next
- 5:40Hakeem: time,
- 5:41Hakeem: thanks
- 5:41Hakeem: for
- 5:41Hakeem: listening.
- 5:42Hakeem: Keep
- 5:42Hakeem: challenging
- 5:42Hakeem: your
- 5:42Hakeem: assumptions
- 5:43Hakeem: and
- 5:43Hakeem: keep
- 5:44Hakeem: growing.