This post is co-authored by U.S. Commercial Service Seattle Director Diane Mooney and Global Healthcare Team Leader Tembi Secrist who shared the lead in organizing the recent Discover Global Markets: Healthcare Connections business forum.
Hundreds of healthcare sector exporters from 33 states convened in Seattle, Washington recently for the U.S. Commercial Service’s Discover Global Markets: Healthcare Connections business forum to access the expert resources needed to identify and capitalize on new international market opportunities.
The forum highlighted the importance of exports on the U.S. economy. “SMEs are an engine of economic growth,” said CS Deputy Director General Judy Reinke in remarks to conference attendees. “What you do in the global market affects the health of billions of people.” Reinke presented the below three firms with Export Achievement Certificates to recognize their international successes and the associated positive impacts on their local communities:
- Pleasanton, California-based Theradome Inc. recently exported a device for treating hair loss to the Philippines, Malaysia, Vietnam and Singapore, and anticipates export sales of $1 million to these markets over the coming year.
- San Jose, California-based BrighTex Bio-Photonics provides diagnostic technology to the medical imaging industry and recently exported products worth $100 thousand to Chile.
- Kirkland, Washington-based Precision Image Analysis, Inc. processes diagnostic healthcare images and obtains 60 percent of total sales revenue from exports.
“It was a unique forum which brought together high-level intelligence from international markets, one-on-one meetings with U.S. Commercial Service industry specialists from around the world, and meetings with potential buyers and partners,” said attendee Francis Parnell, M.D., chairman and CEO of Parnell Pharmaceuticals. “The U.S. Commercial Service stands out as a government agency that truly supports the private sector. As a small U.S. company founder and CEO, I know they’re on my side and want to help me succeed.”
During the three-day conference, attendees heard from more than 50 healthcare speakers including industry leaders from the Bill and Melinda Gates Foundation, Intellectual Ventures, Microsoft, and GE Healthcare Clinical Business Solutions. Participants also joined interactive panel sessions addressing market opportunities in Asia, the Middle East, Africa, and South America; as well as sessions focused on the impact of big data on global health, trends in medical travel, and regional regulatory and policy issues.
U.S. firms obtained up-to-the-minute market intelligence and export advice from U.S. Commercial Service (CS) specialists from 22 countries. In fact, 491 one-on-one counseling sessions were conducted with exporters during the 2 ½ day conference.
Additionally, U.S. exporters had the chance to meet with 17 foreign buyers from 10 countries who were interested in sourcing U.S. healthcare goods and services including health IT systems, medical devices, hospital HVAC systems and pharmaceuticals. The CS arranged nearly 270 meetings between 84 U.S. exporters and the buyers, resulting in at least 10 deals made during the conference. More sales are expected based upon feedback from U.S. firms and buyers.
The chance to network was another valuable component of the forum. In fact, Joel Rydbeck of Infor, who attended the Discover Global Markets: Healthcare Connections forum, said, “It was truly one of the more valuable events I’ve attended this year and I want to thank you for the helpful networking connections I was able to make.”
As Acting Under Secretary of International Trade Ken Hyatt said during his opening remarks, ITA provides a wide range of data and services to help small businesses identify market opportunities. For those who were not able to attend the Discover Global Markets: Healthcare Connections event or would like additional information on international healthcare sector opportunities, please visit the CS Global Healthcare Team website and review the market reports listed below.
Top Markets Series Reports:
The next event in the Discover Global Markets series focuses on building smart cities and will be held in Chicago on Nov. 1-3. More information about the event can be found here.