In the U.S., we are seeing signs of a recovering economy. There are more job openings, companies are investing in growth, and in the international arena my network partners and I are observing an increasing interest in world markets. No where do I see this more than in the bioscience industry. Here’s why:

U.S. Food and Drug Administration (FDA)

The FDA certainly serves a purpose – to ensure the safety of food, medications and other goods used by American citizens. But as anyone in the biosciences industry will tell you, the process to gain FDA approval for a new, innovative product is extremely financially and time consuming. What’s more, there seems to be a strong lobbying effort by large pharmaceutical companies to slow down approval particularly for stem cell research on humans. There needs to be a practical balance between public health safety and bringing innovative bioscience products to market. Currently the system puts American bioscience entrepreneurs at a disadvantage in international markets.

Medical Tourism

High net-worth families have traditionally sought out the best medical care possible, no matter where those services are based. In the past, that may have meant that a rich Nigerian might have sought care in Europe or America. But now excellent health care can be found in private hospitals all over the world in countries like Costa Rica, India and Thailand. Thailand alone treats 2 million foreign patients each year. With tighter regulations and approval processes for the latest bioscience products in the United States and European Union, China has become a new center for stem cell treatments. Chinese doctors are using innovative procedures to treat blindness, cancer, genetic disorders and many other conditions. In the face of highly restrictive regulations and escalating healthcare costs in richer countries, I believe that we will only see this upward trend in medical tourism continue.

Globalized Bioscience Products Make Exporting Simple

When a company prepares to enter international markets, it usually requires making modifications in order to meet local expectations. In consumer markets, a product might need to be made in a different color or size. The electricity voltage may be different and require adjustment. The United States still uses the old English system of measurement, which is preferred by many consumers. The good news for bioscience companies is that bioscience products require some of the least localization of any industry. Most healthcare clients abroad speak one of a few common languages including English, French, Spanish and/or Chinese.  Measurements in medicine are normally all based in the metric system. Medical knowledge about the latest products and procedures is globally shared and available. All of these characteristics work together to make preparing for exporting more straightforward than it is for many other industries.

( Vivian )04 May,2012

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