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#206 | 5 Lessons Every MedTech Company Should Learn Before Exporting to Japan · Clinician to CEO : Export Your Medical Device With Confidence By Overcoming Go To Market Roadblocks For Medtech Growth

• 0:00
  So
• 0:00
  the
• 0:00
  one
• 0:00
  thing
• 0:00
  that
• 0:00
  you're
• 0:01
  gonna
• 0:01
  learn
• 0:01
  in
• 0:01
  this
• 0:01
  episode
• 0:02
  is
• 0:02
  why
• 0:02
  a
• 0:03
  lot
• 0:03
  of
• 0:03
  med
• 0:03
  tech
• 0:04
  companies
• 0:04
  start
• 0:04
  their
• 0:05
  Japan
• 0:05
  strategy
• 0:05
  in
• 0:06
  the
• 0:06
  wrong
• 0:06
  place
• 0:07
  and
• 0:07
  where
• 0:07
  they
• 0:07
  should
• 0:08
  start
• 0:08
  instead
• 0:09
  Welcome
• 0:09
  to
• 0:09
  Clinician
• 0:10
  to
• 0:10
  CEO,
• 0:11
  the
• 0:11
  podcast
• 0:12
  helping
• 0:12
  clinicians
• 0:13
  simplify
• 0:14
  your
• 0:14
  go-to-market
• 0:14
  strategy
• 0:15
  so
• 0:15
  that
• 0:15
  you
• 0:16
  can
• 0:16
  stop
• 0:16
  guessing
• 0:17
  and
• 0:17
  turn
• 0:17
  your
• 0:18
  working
• 0:18
  prototypes
• 0:19
  into
• 0:19
  international
• 0:20
  MedTech
• 0:20
  businesses.
• 0:21
  I'm
• 0:21
  your
• 0:22
  host,
• 0:22
  Hakeem
• 0:22
  Aade.
• 0:23
  Let's
• 0:24
  get
• 0:24
  started.
• 0:25
  So
• 0:25
  the
• 0:25
  three
• 0:25
  things
• 0:25
  that
• 0:25
  you're
• 0:26
  gonna
• 0:26
  discover
• 0:26
  in
• 0:27
  this
• 0:27
  episode
• 0:28
  is
• 0:28
  number
• 0:28
  one,
• 0:28
  why
• 0:29
  products
• 0:29
  that
• 0:29
  succeed
• 0:29
  in
• 0:29
  Europe
• 0:30
  and
• 0:30
  US
• 0:30
  don't
• 0:31
  automatically
• 0:31
  succeed
• 0:32
  in
• 0:32
  Japan.
• 0:32
  Number
• 0:33
  two,
• 0:33
  how
• 0:33
  to
• 0:34
  avoid
• 0:34
  wasting
• 0:34
  time
• 0:35
  and
• 0:35
  money
• 0:35
  when
• 0:36
  evaluating
• 0:36
  the
• 0:36
  Japanese
• 0:37
  market.
• 0:37
  And
• 0:37
  number
• 0:38
  three,
• 0:38
  why
• 0:38
  the
• 0:38
  right
• 0:39
  market
• 0:39
  entry
• 0:39
  strategy
• 0:40
  depends
• 0:40
  on
• 0:40
  the
• 0:41
  size
• 0:41
  of
• 0:41
  your
• 0:41
  business,
• 0:42
  not
• 0:42
  just
• 0:42
  the
• 0:43
  size
• 0:43
  of
• 0:43
  the
• 0:44
  opportunity.
• 0:45
  So
• 0:45
  let's
• 0:45
  get
• 0:45
  straight
• 0:46
  into
• 0:46
  it.
• 0:46
  I'm
• 0:47
  gonna
• 0:47
  give
• 0:47
  you
• 0:47
  five
• 0:47
  key
• 0:48
  takeaways
• 0:48
  from
• 0:48
  my
• 0:49
  conversation
• 0:49
  with
• 0:49
  Japan
• 0:50
  MedTech
• 0:51
  expert,
• 0:51
  Kurt
• 0:51
  Jenuin.
• 0:52
  So
• 0:52
  takeaway
• 0:52
  number
• 0:52
  one,
• 0:53
  don't
• 0:53
  confuse
• 0:54
  market
• 0:54
  size
• 0:55
  with
• 0:55
  market
• 0:55
  opportunity.
• 0:56
  And
• 0:56
  if
• 0:56
  you've
• 0:56
  been
• 0:56
  listening
• 0:56
  to
• 0:56
  my
• 0:56
  podcast
• 0:57
  for
• 0:57
  any
• 0:57
  period
• 0:57
  of
• 0:57
  time,
• 0:58
  then
• 0:58
  you'll
• 0:58
  you're
• 0:58
  never
• 0:59
  gonna
• 0:59
  fall
• 0:59
  into
• 0:59
  that
• 0:59
  trap,
• 1:00
  are
• 1:00
  you?
• 1:00
  So
• 1:00
  Japan,
• 1:01
  whilst
• 1:01
  it
• 1:02
  is
• 1:02
  the
• 1:02
  third
• 1:02
  or
• 1:02
  fourth
• 1:03
  biggest
• 1:03
  healthcare
• 1:04
  market
• 1:04
  in
• 1:04
  the
• 1:04
  world,
• 1:05
  which
• 1:05
  is
• 1:05
  very
• 1:05
  impressive,
• 1:06
  The
• 1:06
  size
• 1:06
  of
• 1:06
  that
• 1:06
  market
• 1:07
  doesn't
• 1:07
  automatically
• 1:08
  translate
• 1:09
  into
• 1:09
  it
• 1:10
  being
• 1:10
  the
• 1:10
  right
• 1:11
  market
• 1:11
  for
• 1:11
  your
• 1:12
  product.
• 1:12
  And
• 1:12
  you
• 1:12
  know
• 1:12
  that.
• 1:13
  I
• 1:13
  know
• 1:13
  you
• 1:13
  do.
• 1:13
  So
• 1:14
  one
• 1:14
  of
• 1:14
  the
• 1:14
  points
• 1:15
  that
• 1:15
  we
• 1:15
  discussed
• 1:16
  repeatedly
• 1:17
  throughout
• 1:17
  the
• 1:17
  episode
• 1:18
  is
• 1:18
  the
• 1:18
  success
• 1:19
  in
• 1:19
  the
• 1:19
  US
• 1:20
  or
• 1:20
  Europe
• 1:20
  doesn't
• 1:21
  automatically
• 1:21
  translate
• 1:22
  into
• 1:23
  success
• 1:23
  in
• 1:23
  Japan
• 1:24
  because
• 1:25
  you've
• 1:25
  got
• 1:25
  different
• 1:25
  reimbursement
• 1:26
  systems,
• 1:26
  you've
• 1:26
  got
• 1:27
  different
• 1:27
  buying
• 1:27
  behaviors,
• 1:28
  you've
• 1:28
  got
• 1:28
  different
• 1:28
  quality
• 1:29
  expectations,
• 1:30
  which
• 1:30
  we're
• 1:30
  gonna
• 1:30
  talk
• 1:30
  about
• 1:31
  later.
• 1:31
  So
• 1:31
  the
• 1:31
  question
• 1:32
  has
• 1:32
  to
• 1:32
  move
• 1:32
  away
• 1:33
  from
• 1:33
  is
• 1:33
  Japan
• 1:34
  a
• 1:34
  big
• 1:34
  market?
• 1:34
  'Cause
• 1:35
  we
• 1:35
  all
• 1:35
  know
• 1:35
  it
• 1:35
  is.
• 1:36
  The
• 1:36
  question
• 1:37
  that
• 1:37
  we
• 1:37
  should
• 1:37
  be
• 1:37
  asking
• 1:38
  when
• 1:38
  you're
• 1:38
  focusing
• 1:38
  on
• 1:38
  and
• 1:39
  you're
• 1:39
  looking
• 1:39
  at
• 1:39
  entering
• 1:39
  Japan
• 1:40
  is,
• 1:40
  is
• 1:40
  Japan
• 1:41
  the
• 1:41
  right
• 1:41
  market
• 1:42
  for
• 1:42
  your
• 1:43
  product?
• 1:43
  So
• 1:43
  the
• 1:44
  action
• 1:44
  I
• 1:44
  want
• 1:44
  you
• 1:44
  to
• 1:45
  take
• 1:45
  here
• 1:45
  based
• 1:46
  on
• 1:46
  this
• 1:46
  takeaway
• 1:47
  is
• 1:47
  if
• 1:48
  you're
• 1:48
  already
• 1:48
  pursuing
• 1:49
  Japan,
• 1:49
  stop
• 1:50
  for
• 1:50
  fifteen
• 1:50
  minutes
• 1:51
  and
• 1:51
  answer
• 1:51
  these
• 1:52
  three
• 1:52
  questions.
• 1:53
  Number
• 1:53
  one,
• 1:54
  what
• 1:54
  evidence
• 1:55
  do
• 1:55
  you
• 1:55
  have
• 1:56
  that
• 1:56
  Japan
• 1:56
  is
• 1:56
  a
• 1:56
  genuine
• 1:57
  opportunity
• 1:58
  for
• 1:58
  your
• 1:58
  product?
• 1:59
  Number
• 1:59
  two,
• 1:59
  what
• 2:00
  assumptions
• 2:01
  are
• 2:01
  you
• 2:01
  still
• 2:01
  making
• 2:02
  about
• 2:02
  the
• 2:02
  market?
• 2:03
  And
• 2:03
  then
• 2:03
  number
• 2:03
  three,
• 2:04
  what
• 2:04
  is
• 2:04
  the
• 2:04
  biggest
• 2:05
  thing
• 2:05
  you
• 2:05
  still
• 2:06
  don't
• 2:07
  know?
• 2:07
  Because
• 2:07
  one
• 2:08
  of
• 2:08
  the
• 2:08
  biggest
• 2:08
  risks
• 2:08
  in
• 2:09
  international
• 2:09
  expansion,
• 2:10
  and
• 2:10
  Japan
• 2:10
  is
• 2:10
  no
• 2:10
  different,
• 2:11
  is
• 2:11
  not
• 2:12
  what
• 2:12
  you
• 2:12
  actually
• 2:12
  know,
• 2:13
  it's
• 2:13
  what
• 2:13
  you
• 2:13
  think
• 2:14
  you
• 2:14
  know,
• 2:14
  i.e.,
• 2:14
  those
• 2:15
  assumptions.
• 2:15
  Okay,
• 2:16
  so
• 2:16
  moving
• 2:16
  on
• 2:16
  to
• 2:16
  takeaway
• 2:17
  number
• 2:17
  two,
• 2:17
  understanding
• 2:18
  comes
• 2:19
  before
• 2:19
  action.
• 2:20
  Because
• 2:20
  Lots
• 2:21
  of
• 2:21
  companies
• 2:22
  will
• 2:22
  rush
• 2:22
  into
• 2:22
  activity,
• 2:23
  and
• 2:23
  I
• 2:23
  talk
• 2:23
  about
• 2:24
  this
• 2:24
  on
• 2:24
  all
• 2:24
  of
• 2:24
  my
• 2:24
  episodes,
• 2:25
  to
• 2:25
  be
• 2:25
  honest,
• 2:25
  because
• 2:26
  companies
• 2:26
  mistake
• 2:27
  activity
• 2:28
  for
• 2:29
  actually
• 2:29
  delivering
• 2:30
  success.
• 2:30
  So
• 2:30
  they'll
• 2:31
  go
• 2:31
  off
• 2:31
  and
• 2:31
  start
• 2:31
  talking
• 2:32
  to
• 2:32
  distributors,
• 2:33
  regulatory
• 2:33
  work,
• 2:34
  booking
• 2:34
  flights,
• 2:35
  all
• 2:35
  of
• 2:35
  the
• 2:35
  activities
• 2:36
  that
• 2:36
  come
• 2:37
  with
• 2:37
  entering
• 2:37
  a
• 2:37
  new
• 2:38
  market.
• 2:38
  And
• 2:39
  people
• 2:39
  do
• 2:39
  this
• 2:40
  before
• 2:40
  they've
• 2:40
  properly
• 2:41
  assessed
• 2:41
  the
• 2:41
  market.
• 2:42
  And
• 2:42
  we
• 2:42
  looked
• 2:42
  at
• 2:42
  that
• 2:43
  decision
• 2:43
  scenario
• 2:44
  in
• 2:44
  the
• 2:44
  episode,
• 2:44
  And
• 2:45
  Kurt's
• 2:45
  answer
• 2:45
  to
• 2:46
  that
• 2:46
  scenario
• 2:46
  was
• 2:47
  very
• 2:47
  simple
• 2:47
  when
• 2:47
  I
• 2:47
  gave
• 2:47
  him
• 2:48
  several
• 2:48
  different
• 2:48
  options.
• 2:49
  He
• 2:49
  said,
• 2:50
  Understand
• 2:50
  the
• 2:51
  market
• 2:51
  first,"
• 2:51
  because
• 2:52
  once
• 2:52
  you
• 2:52
  start
• 2:53
  regulatory
• 2:53
  work
• 2:54
  or
• 2:54
  commercial
• 2:55
  discussions,
• 2:56
  you're
• 2:56
  starting
• 2:56
  to
• 2:56
  spend
• 2:56
  money.
• 2:57
  And
• 2:57
  if
• 2:57
  you're
• 2:57
  not
• 2:58
  spending
• 2:58
  money,
• 2:58
  you're
• 2:58
  at
• 2:58
  least
• 2:59
  consuming
• 2:59
  resources,
• 3:00
  even
• 3:00
  if
• 3:00
  that
• 3:01
  resource
• 3:01
  is
• 3:01
  only
• 3:02
  your
• 3:02
  time.
• 3:02
  And
• 3:03
  you
• 3:03
  know
• 3:03
  that
• 3:03
  you've
• 3:03
  got
• 3:04
  very
• 3:04
  precious
• 3:04
  little
• 3:05
  of
• 3:05
  that
• 3:05
  when
• 3:06
  you're
• 3:06
  starting
• 3:06
  to
• 3:06
  go
• 3:07
  into
• 3:07
  markets
• 3:07
  and
• 3:07
  when
• 3:07
  you
• 3:07
  try
• 3:08
  to
• 3:08
  grow
• 3:08
  in
• 3:08
  international
• 3:09
  business.
• 3:09
  And
• 3:09
  if
• 3:09
  you've
• 3:09
  chosen
• 3:10
  the
• 3:10
  wrong
• 3:10
  market,
• 3:11
  then
• 3:11
  unfortunately,
• 3:11
  a
• 3:11
  lot
• 3:12
  of
• 3:12
  the
• 3:12
  times
• 3:12
  all
• 3:12
  you're
• 3:12
  doing
• 3:13
  is
• 3:13
  becoming
• 3:13
  very
• 3:14
  efficient
• 3:14
  at
• 3:15
  working
• 3:15
  on
• 3:15
  a
• 3:16
  mistake
• 3:16
  that
• 3:16
  you've
• 3:16
  made
• 3:17
  at
• 3:17
  the
• 3:17
  outset.
• 3:17
  So
• 3:18
  we
• 3:18
  want
• 3:18
  to
• 3:18
  avoid
• 3:18
  that,
• 3:19
  obviously.
• 3:19
  So
• 3:19
  the
• 3:19
  action
• 3:20
  here
• 3:20
  is
• 3:20
  before
• 3:21
  entering
• 3:21
  any
• 3:22
  new
• 3:22
  market,
• 3:23
  answer
• 3:23
  these
• 3:23
  three
• 3:23
  questions.
• 3:24
  One,
• 3:25
  is
• 3:25
  there
• 3:25
  a
• 3:25
  genuine
• 3:25
  demand?
• 3:26
  Two
• 3:26
  Can
• 3:26
  we
• 3:26
  access
• 3:27
  customers?
• 3:27
  And
• 3:28
  three,
• 3:28
  most
• 3:29
  importantly,
• 3:29
  can
• 3:30
  we
• 3:30
  make
• 3:31
  money
• 3:31
  in
• 3:31
  this
• 3:31
  market?
• 3:32
  Because
• 3:32
  it's
• 3:32
  not
• 3:32
  just
• 3:32
  about
• 3:32
  turnover,
• 3:33
  it's
• 3:33
  about
• 3:33
  the
• 3:33
  cost
• 3:34
  to
• 3:34
  access
• 3:35
  that
• 3:35
  market.
• 3:35
  So
• 3:35
  if
• 3:36
  you
• 3:36
  can't
• 3:36
  answer
• 3:37
  all
• 3:37
  three,
• 3:37
  then
• 3:38
  stop
• 3:38
  Don't
• 3:38
  go
• 3:38
  any
• 3:38
  further
• 3:39
  and
• 3:39
  do
• 3:39
  more
• 3:40
  homework.
• 3:41
  Takeaway
• 3:41
  number
• 3:41
  three
• 3:41
  Japan
• 3:42
  rewards
• 3:43
  quality.
• 3:43
  I
• 3:43
  told
• 3:43
  you
• 3:44
  we'd
• 3:44
  come
• 3:44
  back
• 3:44
  to
• 3:44
  this.
• 3:44
  One
• 3:45
  of
• 3:45
  my
• 3:45
  favorite
• 3:45
  examples
• 3:46
  that
• 3:46
  came
• 3:46
  up
• 3:46
  in
• 3:46
  the
• 3:46
  episode
• 3:47
  was
• 3:47
  when
• 3:47
  Kurt
• 3:48
  started
• 3:48
  talking
• 3:48
  about
• 3:48
  the
• 3:49
  Timex
• 3:49
  watch
• 3:49
  story.
• 3:50
  And
• 3:50
  just
• 3:50
  to
• 3:50
  remind
• 3:50
  you,
• 3:51
  customers
• 3:51
  weren't
• 3:51
  buying
• 3:52
  the
• 3:52
  watches
• 3:52
  because
• 3:53
  the
• 3:53
  secondhand
• 3:53
  didn't
• 3:54
  perfectly
• 3:54
  align
• 3:54
  up
• 3:55
  with
• 3:55
  the
• 3:55
  markers
• 3:56
  on
• 3:56
  the
• 3:56
  watch
• 3:57
  face.
• 3:57
  Now,
• 3:58
  most
• 3:58
  people
• 3:59
  wouldn't
• 3:59
  even
• 3:59
  notice
• 3:59
  that,
• 4:00
  but
• 4:00
  obviously
• 4:00
  the
• 4:00
  Japanese
• 4:01
  customers
• 4:01
  did
• 4:02
  and
• 4:02
  will
• 4:02
  continue
• 4:03
  to
• 4:03
  notice
• 4:03
  things
• 4:04
  like
• 4:04
  that.
• 4:04
  And
• 4:04
  that's
• 4:05
  a
• 4:05
  really
• 4:05
  important
• 4:06
  lesson
• 4:07
  because
• 4:07
  Japan
• 4:08
  often
• 4:08
  exposes
• 4:08
  weaknesses
• 4:09
  that
• 4:09
  other
• 4:10
  markets
• 4:10
  tolerate,
• 4:11
  and
• 4:11
  that
• 4:11
  applies
• 4:12
  to
• 4:12
  everything
• 4:12
  really.
• 4:13
  So
• 4:13
  it
• 4:13
  could
• 4:13
  be
• 4:13
  product
• 4:13
  quality,
• 4:14
  it
• 4:14
  can
• 4:14
  be
• 4:14
  packaging,
• 4:15
  it
• 4:15
  can
• 4:15
  be
• 4:15
  documentation,
• 4:16
  it
• 4:16
  can
• 4:17
  be
• 4:17
  your
• 4:17
  training,
• 4:17
  it
• 4:17
  can
• 4:17
  be
• 4:17
  your
• 4:18
  customer
• 4:18
  support,
• 4:18
  it
• 4:18
  can
• 4:19
  be
• 4:19
  absolutely
• 4:19
  anything
• 4:20
  and
• 4:20
  everything.
• 4:21
  The
• 4:21
  good
• 4:21
  news
• 4:21
  is,
• 4:22
  however,
• 4:22
  from
• 4:22
  my
• 4:22
  point
• 4:23
  of
• 4:23
  view
• 4:23
  when
• 4:23
  I
• 4:23
  look
• 4:23
  at
• 4:23
  it,
• 4:24
  is
• 4:24
  that
• 4:24
  if
• 4:24
  you
• 4:25
  are
• 4:25
  able
• 4:25
  to
• 4:26
  meet
• 4:26
  Japanese
• 4:27
  quality
• 4:27
  standards,
• 4:28
  you're
• 4:28
  probably
• 4:29
  then
• 4:29
  gonna
• 4:29
  have
• 4:29
  standards
• 4:30
  which
• 4:30
  are
• 4:30
  higher
• 4:31
  than
• 4:31
  everywhere
• 4:32
  else
• 4:32
  in
• 4:33
  the
• 4:33
  world,
• 4:33
  and
• 4:33
  it
• 4:33
  means
• 4:34
  that
• 4:34
  you're
• 4:34
  gonna
• 4:34
  improve
• 4:35
  your
• 4:35
  performance
• 4:35
  for
• 4:36
  all
• 4:36
  those
• 4:36
  other
• 4:37
  markets,
• 4:37
  which
• 4:37
  obviously
• 4:38
  is
• 4:38
  an
• 4:38
  added
• 4:38
  benefit.
• 4:39
  So
• 4:39
  it's
• 4:39
  a
• 4:39
  really
• 4:40
  good
• 4:40
  news
• 4:40
  story.
• 4:40
  Rather
• 4:41
  than
• 4:41
  looking
• 4:41
  at
• 4:41
  it
• 4:41
  as
• 4:41
  a
• 4:41
  negative,
• 4:42
  look
• 4:42
  at
• 4:42
  it
• 4:42
  as
• 4:42
  a
• 4:42
  positive.
• 4:43
  So
• 4:43
  the
• 4:43
  action
• 4:43
  point
• 4:44
  here
• 4:44
  is
• 4:44
  ask
• 4:44
  a
• 4:45
  customer,
• 4:45
  a
• 4:45
  distributor,
• 4:46
  or
• 4:46
  a
• 4:46
  colleague
• 4:46
  what's
• 4:47
  the
• 4:47
  one
• 4:47
  thing
• 4:47
  about
• 4:48
  your
• 4:48
  product
• 4:48
  or
• 4:48
  service
• 4:49
  that
• 4:49
  isn't
• 4:49
  quite
• 4:50
  good
• 4:50
  enough,
• 4:50
  and
• 4:50
  then
• 4:51
  go
• 4:51
  and
• 4:51
  fix
• 4:51
  it.
• 4:51
  Because
• 4:52
  in
• 4:52
  the
• 4:52
  markets
• 4:53
  outside
• 4:53
  Japan,
• 4:54
  then
• 4:54
  you
• 4:54
  have
• 4:54
  to
• 4:54
  ask
• 4:55
  that
• 4:55
  question
• 4:55
  'cause
• 4:55
  people
• 4:56
  will
• 4:56
  tolerate
• 4:56
  just
• 4:57
  about
• 4:57
  good
• 4:57
  enough.
• 4:57
  But
• 4:57
  in
• 4:57
  Japan
• 4:58
  they
• 4:58
  won't.
• 4:58
  If
• 4:58
  you
• 4:58
  fix
• 4:59
  it
• 4:59
  before
• 4:59
  you
• 4:59
  go
• 5:00
  into
• 5:00
  Japan,
• 5:00
  you're
• 5:00
  gonna
• 5:01
  have
• 5:01
  a
• 5:01
  head
• 5:01
  start
• 5:02
  over
• 5:02
  most
• 5:03
  other
• 5:03
  companies
• 5:03
  that
• 5:03
  get
• 5:03
  into
• 5:04
  Japan.
• 5:04
  So
• 5:04
  you're
• 5:04
  not
• 5:04
  gonna
• 5:05
  have
• 5:05
  to
• 5:05
  start
• 5:05
  fixing
• 5:05
  things
• 5:06
  retrospectively,
• 5:07
  hopefully.
• 5:07
  Now,
• 5:08
  moving
• 5:08
  on
• 5:08
  to
• 5:08
  takeaway
• 5:09
  number
• 5:09
  four,
• 5:10
  distributor
• 5:10
  selection
• 5:11
  is
• 5:11
  too
• 5:11
  important
• 5:12
  to
• 5:12
  rush.
• 5:12
  And
• 5:12
  again,
• 5:13
  I've
• 5:13
  said
• 5:13
  this
• 5:13
  in
• 5:13
  lots
• 5:14
  of
• 5:14
  episodes,
• 5:14
  Japan
• 5:15
  is
• 5:15
  no
• 5:15
  different.
• 5:16
  And
• 5:16
  this
• 5:16
  is
• 5:16
  probably
• 5:16
  one
• 5:16
  of
• 5:16
  the
• 5:17
  biggest
• 5:17
  practical
• 5:17
  lessons
• 5:18
  from
• 5:18
  the
• 5:18
  episode
• 5:19
  because
• 5:19
  as
• 5:19
  many
• 5:19
  companies
• 5:19
  will
• 5:20
  meet
• 5:20
  someone
• 5:20
  at
• 5:21
  a
• 5:21
  trade
• 5:21
  show
• 5:21
  and
• 5:21
  think,
• 5:22
  "Great,
• 5:22
  we
• 5:22
  found
• 5:22
  our
• 5:22
  distributor."
• 5:23
  No.
• 5:24
  As
• 5:24
  I've
• 5:24
  said
• 5:24
  to
• 5:24
  you
• 5:24
  many
• 5:25
  times
• 5:25
  before,
• 5:25
  you
• 5:25
  found
• 5:26
  someone
• 5:26
  who
• 5:26
  says
• 5:27
  they're
• 5:27
  interested.
• 5:28
  Those
• 5:28
  two
• 5:28
  are
• 5:28
  not
• 5:29
  the
• 5:29
  same
• 5:29
  thing.
• 5:29
  And
• 5:29
  in
• 5:30
  Japan
• 5:30
  specifically,
• 5:31
  this
• 5:31
  is
• 5:32
  even
• 5:32
  more
• 5:32
  important
• 5:32
  because
• 5:33
  changing
• 5:33
  distributors
• 5:34
  can
• 5:34
  be
• 5:34
  very
• 5:35
  difficult,
• 5:35
  very
• 5:36
  expensive,
• 5:36
  but
• 5:37
  more
• 5:37
  than
• 5:37
  anything
• 5:38
  else,
• 5:38
  it's
• 5:38
  very
• 5:39
  time-consuming.
• 5:40
  So
• 5:40
  therefore,
• 5:40
  a
• 5:40
  bad
• 5:41
  decision
• 5:41
  can
• 5:42
  easily
• 5:42
  cost
• 5:42
  you
• 5:42
  years
• 5:43
  in
• 5:43
  Japan,
• 5:43
  where
• 5:44
  it
• 5:44
  may
• 5:44
  be
• 5:44
  months,
• 5:45
  in
• 5:45
  other
• 5:46
  markets.
• 5:46
  So
• 5:46
  therefore,
• 5:47
  it's
• 5:47
  critical
• 5:48
  that
• 5:48
  you
• 5:48
  evaluate
• 5:49
  before
• 5:50
  you
• 5:50
  sign
• 5:50
  any
• 5:51
  distribution
• 5:51
  agreement.
• 5:52
  You
• 5:52
  have
• 5:52
  to
• 5:52
  evaluate
• 5:53
  the
• 5:53
  regulatory
• 5:53
  capability.
• 5:54
  The
• 5:54
  sales
• 5:55
  capability,
• 5:55
  the
• 5:55
  reputation
• 5:56
  within
• 5:56
  the
• 5:57
  market,
• 5:57
  you
• 5:57
  have
• 5:57
  to
• 5:57
  look
• 5:57
  at
• 5:58
  the
• 5:58
  market
• 5:58
  coverage.
• 5:59
  You
• 5:59
  have
• 5:59
  to
• 5:59
  look
• 5:59
  at
• 5:59
  product
• 5:59
  synergies,
• 6:00
  and
• 6:00
  then
• 6:00
  you
• 6:00
  have
• 6:01
  to
• 6:01
  look
• 6:01
  at
• 6:01
  their
• 6:01
  focus.
• 6:02
  Because
• 6:02
  all
• 6:02
  these
• 6:03
  things
• 6:03
  lead
• 6:04
  to
• 6:04
  you
• 6:04
  getting
• 6:04
  the
• 6:04
  right
• 6:05
  distributor.
• 6:05
  And
• 6:06
  if
• 6:06
  you
• 6:06
  get
• 6:06
  the
• 6:06
  right
• 6:06
  distributor,
• 6:07
  that
• 6:07
  can
• 6:07
  really
• 6:08
  help
• 6:08
  accelerate
• 6:08
  your
• 6:08
  growth
• 6:09
  in
• 6:09
  all
• 6:09
  markets,
• 6:10
  but
• 6:10
  specifically
• 6:10
  in
• 6:10
  Japan,
• 6:11
  and
• 6:11
  the
• 6:11
  wrong
• 6:11
  distributor
• 6:12
  can
• 6:12
  then
• 6:12
  stop
• 6:13
  that
• 6:13
  growth
• 6:14
  completely.
• 6:15
  This
• 6:15
  is
• 6:15
  basically
• 6:16
  everything
• 6:16
  I
• 6:16
  always
• 6:16
  say,
• 6:17
  but
• 6:17
  magnified
• 6:18
  a
• 6:18
  hundred
• 6:18
  times
• 6:18
  for
• 6:19
  the
• 6:19
  Japanese
• 6:19
  market.
• 6:20
  And
• 6:20
  the
• 6:20
  action
• 6:20
  that
• 6:21
  I
• 6:21
  really
• 6:21
  want
• 6:21
  you
• 6:21
  to
• 6:21
  take
• 6:21
  here
• 6:22
  is
• 6:22
  review
• 6:22
  your
• 6:23
  current
• 6:23
  distributor
• 6:24
  selection
• 6:25
  process.
• 6:25
  If
• 6:25
  you
• 6:26
  don't
• 6:26
  have
• 6:26
  a
• 6:26
  structured
• 6:27
  scorecard,
• 6:27
  then
• 6:28
  create
• 6:28
  one.
• 6:28
  And
• 6:28
  if
• 6:28
  you're
• 6:29
  not
• 6:29
  sure
• 6:29
  how
• 6:29
  to
• 6:29
  do
• 6:29
  it,
• 6:30
  just
• 6:30
  drop
• 6:30
  me
• 6:30
  a
• 6:30
  message,
• 6:31
  with
• 6:31
  the
• 6:31
  link
• 6:31
  in
• 6:31
  the
• 6:31
  show
• 6:32
  notes,
• 6:32
  and
• 6:33
  I
• 6:33
  can
• 6:33
  help
• 6:33
  you
• 6:33
  with
• 6:33
  that.
• 6:34
  But
• 6:34
  The
• 6:34
  key
• 6:34
  thing
• 6:35
  is
• 6:35
  never
• 6:36
  choose
• 6:36
  a
• 6:36
  distributor
• 6:37
  based
• 6:37
  on
• 6:37
  enthusiasm
• 6:38
  alone.
• 6:39
  And
• 6:39
  now
• 6:39
  onto
• 6:39
  the
• 6:39
  fifth
• 6:40
  and
• 6:40
  final
• 6:40
  takeaway.
• 6:41
  There
• 6:41
  is
• 6:41
  no
• 6:41
  universal
• 6:42
  market
• 6:42
  entry
• 6:43
  strategy.
• 6:43
  One
• 6:43
  of
• 6:43
  the
• 6:43
  things
• 6:44
  that
• 6:44
  I
• 6:44
  liked
• 6:45
  most
• 6:45
  about
• 6:45
  when
• 6:45
  we
• 6:45
  were
• 6:46
  discussing,
• 6:46
  market
• 6:47
  entry
• 6:47
  into
• 6:47
  Japan
• 6:48
  with
• 6:48
  Kurt
• 6:48
  was
• 6:48
  his
• 6:48
  emphasis
• 6:49
  on
• 6:49
  context,
• 6:50
  i.e.,
• 6:50
  a
• 6:50
  five
• 6:51
  million
• 6:51
  company
• 6:51
  shouldn't
• 6:52
  behave
• 6:52
  like
• 6:52
  a
• 6:52
  five
• 6:53
  hundred
• 6:53
  million
• 6:53
  pound
• 6:54
  company,
• 6:54
  and
• 6:54
  a
• 6:55
  startup
• 6:55
  shouldn't
• 6:56
  behave
• 6:56
  like
• 6:56
  a
• 6:56
  multinational.
• 6:57
  The
• 6:57
  right
• 6:57
  strategy
• 6:58
  has
• 6:58
  to
• 6:59
  depend
• 6:59
  on
• 6:59
  what
• 6:59
  your
• 6:59
  resources
• 7:00
  are
• 7:00
  and
• 7:00
  what
• 7:00
  your
• 7:00
  experience
• 7:01
  is,
• 7:02
  and
• 7:02
  your
• 7:02
  infrastructure
• 7:03
  and
• 7:03
  your
• 7:03
  objectives.
• 7:04
  Sometimes
• 7:05
  that
• 7:05
  means
• 7:05
  using
• 7:06
  consultants,
• 7:06
  sometimes
• 7:07
  it
• 7:07
  means
• 7:07
  building
• 7:07
  internal
• 7:08
  capability.
• 7:09
  and
• 7:09
  Sometimes
• 7:09
  it
• 7:10
  means
• 7:10
  going
• 7:10
  direct
• 7:11
  depending
• 7:11
  on
• 7:11
  where
• 7:11
  you
• 7:11
  are
• 7:12
  in
• 7:12
  your
• 7:12
  journey.
• 7:13
  So
• 7:13
  the
• 7:13
  mistake
• 7:13
  is
• 7:13
  assuming
• 7:14
  there's
• 7:14
  one
• 7:15
  right
• 7:15
  answer
• 7:15
  for
• 7:15
  everyone,
• 7:16
  'cause
• 7:16
  there
• 7:16
  isn't.
• 7:16
  And
• 7:16
  the
• 7:16
  action
• 7:17
  I
• 7:17
  want
• 7:17
  you
• 7:17
  to
• 7:17
  take
• 7:17
  here
• 7:18
  is
• 7:18
  write
• 7:18
  down
• 7:19
  which
• 7:19
  of
• 7:19
  these
• 7:20
  best
• 7:20
  describes
• 7:20
  your
• 7:21
  business
• 7:21
  today.
• 7:22
  Are
• 7:22
  you
• 7:22
  an
• 7:22
  early-stage
• 7:23
  company
• 7:23
  needing
• 7:24
  market
• 7:24
  guidance,
• 7:25
  or
• 7:25
  are
• 7:25
  you
• 7:26
  a
• 7:26
  growing
• 7:26
  company
• 7:27
  building
• 7:27
  international
• 7:27
  capability,
• 7:28
  Or
• 7:28
  are
• 7:29
  you
• 7:29
  already
• 7:29
  an
• 7:30
  established
• 7:30
  company
• 7:31
  capable
• 7:31
  of
• 7:31
  investing
• 7:32
  directly?
• 7:32
  Then
• 7:33
  once
• 7:33
  you've
• 7:33
  answered
• 7:34
  that
• 7:34
  question
• 7:34
  so
• 7:34
  you
• 7:34
  know
• 7:35
  where
• 7:35
  you
• 7:35
  are,
• 7:35
  ask
• 7:36
  yourself,
• 7:36
  are
• 7:37
  you
• 7:37
  pursuing
• 7:37
  Japan
• 7:38
  in
• 7:38
  a
• 7:38
  way
• 7:39
  that
• 7:39
  matches
• 7:40
  your
• 7:40
  resources
• 7:41
  and
• 7:41
  your
• 7:41
  experience?
• 7:42
  Because
• 7:42
  one
• 7:42
  of
• 7:42
  the
• 7:42
  fastest
• 7:43
  ways
• 7:43
  for
• 7:43
  you
• 7:43
  to
• 7:43
  waste
• 7:44
  time
• 7:44
  and
• 7:44
  money
• 7:45
  is
• 7:45
  trying
• 7:45
  to
• 7:45
  behave
• 7:46
  like
• 7:46
  a
• 7:46
  company
• 7:46
  that
• 7:47
  you're
• 7:47
  not.
• 7:47
  So
• 7:48
  my
• 7:48
  closing
• 7:48
  thoughts
• 7:48
  are
• 7:49
  when
• 7:49
  companies
• 7:49
  think
• 7:50
  about
• 7:50
  Japan,
• 7:50
  they
• 7:51
  often
• 7:51
  focus
• 7:52
  on
• 7:52
  regulatory
• 7:52
  approval
• 7:53
  or
• 7:53
  distributors
• 7:54
  or
• 7:54
  cultural
• 7:54
  differences,
• 7:55
  which
• 7:55
  all
• 7:56
  of
• 7:56
  those
• 7:56
  are
• 7:56
  valid.
• 7:57
  But
• 7:57
  after
• 7:57
  having
• 7:58
  that
• 7:58
  conversation
• 7:58
  with
• 7:58
  Kurt,
• 7:59
  I
• 7:59
  think
• 8:00
  the
• 8:00
  real
• 8:00
  lesson
• 8:01
  is
• 8:01
  much
• 8:01
  simpler.
• 8:02
  Japan
• 8:02
  rewards
• 8:03
  preparation,
• 8:04
  and
• 8:04
  the
• 8:04
  companies
• 8:04
  that
• 8:05
  succeed
• 8:05
  aren't
• 8:05
  necessarily
• 8:06
  the
• 8:06
  biggest.
• 8:07
  They're
• 8:07
  the
• 8:07
  ones
• 8:07
  that
• 8:07
  take
• 8:08
  the
• 8:08
  time
• 8:08
  to
• 8:08
  understand
• 8:09
  the
• 8:09
  market
• 8:09
  before
• 8:10
  they
• 8:10
  try
• 8:10
  to
• 8:10
  sell
• 8:11
  into
• 8:11
  it.
• 8:11
  So
• 8:11
  this
• 8:12
  week
• 8:12
  before
• 8:12
  asking
• 8:13
  how
• 8:13
  do
• 8:13
  we
• 8:13
  enter
• 8:13
  Japan,
• 8:14
  ask
• 8:14
  have
• 8:15
  we
• 8:15
  done
• 8:15
  enough
• 8:16
  to
• 8:16
  understand
• 8:16
  Japan?
• 8:17
  Because
• 8:17
  the
• 8:17
  quality
• 8:18
  of
• 8:18
  your
• 8:18
  market
• 8:18
  understanding
• 8:19
  will
• 8:19
  often
• 8:20
  determine
• 8:21
  the
• 8:21
  quality
• 8:21
  of
• 8:22
  your
• 8:22
  market
• 8:22
  entry.
• 8:23
  Hakeem: And
• 8:23
  Hakeem: if
• 8:23
  Hakeem: you're
• 8:23
  Hakeem: building
• 8:24
  Hakeem: a
• 8:24
  Hakeem: MedTech
• 8:25
  Hakeem: business
• 8:26
  Hakeem: and
• 8:26
  Hakeem: you're
• 8:26
  Hakeem: not
• 8:26
  Hakeem: sure
• 8:27
  Hakeem: whether
• 8:27
  Hakeem: your
• 8:27
  Hakeem: next
• 8:27
  Hakeem: move
• 8:27
  Hakeem: should
• 8:28
  Hakeem: be
• 8:28
  Hakeem: around
• 8:28
  Hakeem: evidence,
• 8:29
  Hakeem: market
• 8:29
  Hakeem: access,
• 8:29
  Hakeem: commercialization,
• 8:30
  Hakeem: distributor
• 8:31
  Hakeem: strategy.
• 8:31
  Hakeem: Or
• 8:32
  Hakeem: adoption.
• 8:32
  Hakeem: Do
• 8:33
  Hakeem: not
• 8:33
  Hakeem: guess.
• 8:34
  Hakeem: Book
• 8:34
  Hakeem: a
• 8:34
  Hakeem: healthcare
• 8:35
  Hakeem: export
• 8:35
  Hakeem: accelerator
• 8:36
  Hakeem: diagnostic
• 8:36
  Hakeem: Call
• 8:37
  Hakeem: with
• 8:37
  Hakeem: me.
• 8:37
  Hakeem: Use
• 8:38
  Hakeem: my
• 8:38
  Hakeem: link
• 8:38
  Hakeem: in
• 8:38
  Hakeem: the
• 8:38
  Hakeem: show
• 8:39
  Hakeem: notes.
• 8:39
  Hakeem: And
• 8:40
  Hakeem: in
• 8:40
  Hakeem: that
• 8:40
  Hakeem: session
• 8:40
  Hakeem: I'll
• 8:41
  Hakeem: help
• 8:41
  Hakeem: you
• 8:41
  Hakeem: identify
• 8:42
  Hakeem: the
• 8:42
  Hakeem: specific
• 8:42
  Hakeem: constraints
• 8:43
  Hakeem: blocking
• 8:44
  Hakeem: your
• 8:44
  Hakeem: momentum
• 8:45
  Hakeem: and
• 8:45
  Hakeem: the
• 8:45
  Hakeem: commercial
• 8:46
  Hakeem: move
• 8:47
  Hakeem: most
• 8:47
  Hakeem: likely
• 8:47
  Hakeem: to
• 8:47
  Hakeem: unlock
• 8:48
  Hakeem: your
• 8:48
  Hakeem: progress.
• 8:49
  Hakeem: Thanks
• 8:49
  Hakeem: for
• 8:49
  Hakeem: tuning
• 8:49
  Hakeem: in.
• 8:50
  Hakeem: Until
• 8:50
  Hakeem: next
• 8:50
  Hakeem: time,
• 8:51
  Hakeem: thanks
• 8:51
  Hakeem: for
• 8:51
  Hakeem: listening.
• 8:52
  Hakeem: Keep
• 8:52
  Hakeem: challenging
• 8:53
  Hakeem: your
• 8:53
  Hakeem: assumptions
• 8:54
  Hakeem: and
• 8:54
  Hakeem: keep
• 8:54
  Hakeem: growing.