UKTI assists growth of life science companies
27 Mar 2015 by Evoluted New Media
Computational chemistry software provider Cresset has managed to break into the Chinese market with support from UK Trade & Investment (UKTI). To find customers from foreign markets Cresset employed UKTI Trade Advisor Claire Lachlan who produced a review of the company’s needs recommending China as initial target.
“China is undergoing major healthcare reform. The bio and pharmaceutical market is expected to maintain double digit growth of approximately 20% and will be worth over $35 billion by 2015. It is predicted that China will become the world’s second largest pharmaceutical market over the next three years, so there is huge potential,” said Lachlan.
Commercial Director David Bardsley of Cresset visited China in 2013 as part of the business development plan which involved meeting officials from the British Embassy and the China Council for the Promotion of International Trade and China’s international trade organisation. After three further visits Cresset was appointed a distributor which according to Bardsley would have been more complex without the UKTI’s help.
The company then decided to raise their profile in India and signed up to UKTI’s Export Marketing Research Scheme (EMRS). Bardsley made a trip to India where he held several important field research meetings. Through the EMRS the company explored what the Indian market offers helping Cresset’s strategy for India, over the coming 2-3 years.
“Businesses have a lot to gain from working with UKTI. You learn much more quickly about vital issues such as market trends, taxation, billing and you also get to network with other companies and key industry figures. I recommend that businesses looking to expand overseas make full use of the services UKTI has to offer,” said Bardsley.
