Starting up a company is a big step, and you likely already have your company going strong, expanding as you see fit, and, being a biotech or pharma company, committing large amounts of resources to research and development or manufacturing. If you are considering tapping into the Chinese market, with a vast amount of wealth through investors and the ability to work with many top biotech and pharmaceutical companies in the world, you are likely going to need to start considering setting up an operation within China itself.
Foot in the Door
The big problem is that getting that foot in the door to be able to establish yourself within the Chinese marketplace; it’s not quite as simple as just buying up land, getting permits, and starting to build. China has its own ecosystem when it comes to services and technology. As well, you will need to the related policy and regulations. Hence, working with already established local Chinese pharma companies will be a wise choice for the first step.
Making Connections and Learning the Ecosystem
Connecting with a Chinese pharma company can open a lot of doors for you. Through cooperation with them, you can learn about how the Chinese marketplace truly works much better than just reading up on it. As well, through them you can form connections with other local Chinese companies that can help you get a foothold in the market, whether it is connecting you with an industrial park that is interested in hosting your company, or with service providers that will provide you with the local services, platforms, and ecosystems you need to succeed. Within China, you’ll need new local solutions, such as cloud hosting, or intra-office communication services. There is also the big issue of the language barrier, especially if you don’t currently have dedicated staff that can translate between your local language and Chinese. Lastly, there are big financial and regulatory issues that arise as a foreign company trying to establish within the Chinese marketplace that a partnership with a local and established pharma company can help you with navigating, ensuring that you can get past any hurdles and roadblocks.
Finding a Partnership
A local partner within China can be invaluable to a foreign company, helping your company navigate through a whole different ecosystem, so to speak. Through that initial partnership, a long-term, mutually beneficial relationship can blossom and expand. The big thing now, though, is that you need to find that partner within China pharma companies to get your foot in the door.
MyBioGate regularly hosts events helping biotech and biopharma companies make connections with the Chinese marketplace, no matter what the focus in the bio field is, through the China Focus Partnering Conference, you can make valuable connections and long-term mutually beneficial deals with both investors and local Chinese pharma companies that will help you more easily enter the Chinese marketplace. Collaboration is a keystone to the biotech industry’s ability to come together and better humankind. Register today, wait for approval, and be ready to start scheduling meetings with Chinese pharma companies. Visit our website for more information.