EIT Health GoGlobal Medtech Exchange Accelerator
Europe is home to a high number of medtech companies, the majority of which employ fewer than 50 people. New companies can find it difficult to grow, especially when the introduction of new treatments often undergoes a long and complicated process before getting marketing authorization and reimbursement decisions. Go Global aims to provide your company with the competence needed for growth and international expansion.
With the GoGlobal Programme 2017 10 International companies participated that want to enter the European healthcare markets as well as 13 European companies that want to accelerate their business outside of Europe participated in the programme.
The Programme is dedicated to the three partner regions of Medical Valley:
Rio Grande da sul (Brazil)
Hong Kong (China)
Greater Boston area (USA)
The GoGlobal Programme 2017 consisted of two parts, an inbound and an outbound part.
Inbound: In a two days’ workshop at Erlangen (Germany) the hurdles in the European healthcare market for the international companies from Brazil, China and USA have been discussed. Especially in the Workshops the healthcare market itself, regulatory affairs, law aspects, how to get founding in Europe(privat & puplic) and how to get in touch with talents and experienced work forces were mayor topics. The Highlight was the joint pitch event with the outbound teams and the visit of the mt connect in the week.
As well in parallel the first session for preparation for the European participants were held at Medical Valley Center Erlangen. So pear to learning with companies out of the target region was possible.
Outbound: After the first preparation workshop in June the companies had the possibility to join a english pitchtraining session in September and as well webinars about the target countries through international experts immediately before the outbound journey. Later in the year (between October and November) the 13 companies got the change to go for a one week field trip to their preferred market to get more insights and especially to foster their network in the foreign ecosystem. For the field trip the companies got travel founding around 2.000€ per team. .
The programme will as well be exists in 2018 again. The Application process will be published at EIT Health. There is large satisfaction with the program everybody would recommend there contacts to participate, the Programme met 9 of 10 companies expectations and everyone would use the same programme to get insides in their next go to markets.
Major finding(s) during the program and effects on internationalization strategy with regard to the target market out of the participants view
- "1. How to enter the US Market, 2. How to approach US Investors, 3. How to utilize supporting organizations (GALS, Ventureout, CIC, NorthShore Innoventures). Helped us in redefining and sharpening our strategy regarding Market access USA. Very interesting: Contact to MITRE - a Fraunhofer-like research Organization in Massachusetts"
- "Certification and how other companies self-declare, Manufacturing and the benefits of having Shenzhen next door, Hong Kong as a Hub "Free flow of people, information and money"
- "Since I have not had the chance to get a close inside in our target market Fitness/Well Being Industry it is hard to make a statement. I found a least a few potential network partner to follow up with."
- "contact for collaboration"
- "Taxes and regulatory issues"
Overall Impression of international participating Companies
For us the Highlights was the chance to pitch at the OctoberInvestFest in New York and the MassMedic Showcase near Boston – we found excellent contacts for commercialisation and raising capital - Ralph Steidel CEO Portabiles Healthcare
•“The Go Global/MedTech Summit meetings were simply great, so were the folks at Medical Valley. Had a really good experience.“ - Jim Walls CEO Orthomedex LLC (USA)
•„I write to express our gratitude to you and Medical Valley for organizing such a good event, we've benefited a lot during past 4 days. Please do convey our appreciation to your colleagues as well for their time and efforts! As we found the contents of those seminars quite useful for our future business in Germany.“ - Alvin Zhang Co Founder Living Tissue (HongKong)
As a lesson learned we think Hong Kong could give us the opportunity to start our business in Asian Pacific. We are making a pilot from there ;-) - Lars Wassermann CEO CardiLink