Ready to Expand to North America? How to Do It Successfully from Anywhere

No matter where in the world you’re located, expanding into North America can be a lucrative endeavour for any life science company.

But if you are not familiar with the region you’re looking to expand into, it can be difficult to:

• Know who to talk to
• Secure supply chain partners
• Understand the business culture
• Build lasting business relationships

With deep experience working across geographic markets including the EU, Asia, MENA, Australia, and others, the Sosna + Co team and I have helped countless life science companies successfully sell and market in North America. Read on for my top tips.

UNDERSTAND THE BUSINESS CULTURE

When entering any new country or region, it’s crucial to understand the business culture. Given that North America is extremely vast, the cultural nuances are incredibly diverse depending on the area.

In general, punctuality is highly valued, but direct communication styles and professionalism can differ. In the U.S., formality plays a significant role, extending to job titles, social interactions, and attire. Expect formal handshakes and the exchange of business cards as the norm in both the U.S. and Canada.

Remember, first impressions matter! Business opportunities can fall flat if that initial impression (your elevator pitch, marketing materials, even professionalism of clothing) does not appeal to the recipient. A very casual look and demeanour can seem unprofessional in business contexts.

Make that first shot count by embracing the appropriate cultural etiquette, whether you are attending a trade show, business meeting, or pitching to investors and partners.

EXPLORE DIFFERENT MARKET ENTRY STRATEGIES

Whether you have a product or a service, it is essential to understand the different ways you might enter the market – and the steps you’d need to take to get there.

Determine the most appropriate market entry strategy for your company, whether it's through distributors, supply chain manufacturing, regulatory partners, establishing a subsidiary, forming joint ventures, or licensing agreements.

In biotech and pharma, you may have wished to market your drug direct to consumers (D2C), but realize that forming a licensing partnership is a more efficient, cost-effective route with a higher chance of success.

Seeking help from experienced business development professionals is key to knowing which market entry options have the best chances of success – and they will make the connections for you using their robust network. In the end, it’s all about relationships!

PRIORITIZE NETWORKING AND RELATIONSHIP-BUILDING

Cultivating a strong network of fruitful relationships does not happen overnight – it takes time. 

First, you’ll need to become familiar with key partners and stakeholders. You can do this by asking for word-of-mouth referrals, internet searches, LinkedIn, event lists. Leverage your current network as much as possible.

If you find you’re not booking as many introductory meetings or calls as you need to move forward, your network is likely too small and/or not filled with the right people.

The simplest, quickest way to getting to your next milestone is to have a trusted partner who can network on your behalf. A good one will already have a sea of strong relationships which can then be used to benefit your business objectives.

ENSURE YOUR MARKETING MATERIALS MAKE A STRONG IMPRESSION

As I alluded to, you only get one chance – and looks matter. Whenever you have the opportunity to present to a potential new client or partner, it’s critical that your print and digital items (slides, flyers, corporate overview reports, etc.) are appealing and professional.

Your marketing should support your business development activities at every stage.  Consistent branding, clear messaging, and attractive graphics are key to standing out. Avoid bland materials that will fade into the background or give an unprofessional or even amateur impression.

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Erica Sosnowski is the Managing Partner of Sosna + Co, a boutique life science business development firm that assists companies with licensing, strategic partnerships, customer acquisition, M&A advisory, and more. She is also co-founder of Life Science Growth Intensive, an online education and coaching program for marketing and business development.