Most US companies invest in some capacity abroad if they want to invest in global expansion. In order to succeed, companies need to take action in global markets in order to stay competitive and grow. When we look at the pharma space, there are a lot of challenges that come with developing a global strategy.
Understanding language & culture differences: Language barriers can be challenging and stressful with any global expansion project. Having the right team members and strategic supply chain partners in place to assist in this can help with efficiency. From A cultural perspective, it is key to truly understand this in all capacities. Immerse yourself in fundamentally understanding the culture and it will allow you to conduct business far more effectively, while helping you avoid unnecessary misunderstandings and frustrations.
Building an infrastructure: Building an adequate infrastructure that mirrors your home base operations in crucial to success. This will help ensure consistency, which will help your transition into a new global operation be identical in all aspects. In doing so, however, be mindful of unique customs or native differences.
Managing costs: Global expansion is a huge monetary and resource investment, so it’s important to make sure that you are managing costs both in the short-term and long-term. As a result, leveraging a strategic supply chain partner can go a long way in assisting in this endeavor. They can help you see all aspects of your supply chain and possible even help with process improvements that can save you time and money.
Meeting quality regulations: A supply chain partner can us help you with stringent regulatory requirements. Dealing with your home country’s regulations can be hard enough. But then adding other countries’ stringent regulations that are completely different, can be mayhem. Why not leverage someone else’s expertise to do this?