A characteristic of the US life and health sciences market is its geographic hubs. Business opportunities in the life sciences can be found across the US, especially for consumer health companies and those targeting hospitals.
However, many metropolitan areas are particularly well known as hubs for the life sciences including Boston, San Francisco, San Diego, and the Philadelphia/New Jersey area.
The US typically spends over $178b annually on medical and health R&D.
For many Northern Ireland companies, Boston is their preferred initial choice because of the density of potential customers and its ease of access from Northern Ireland.
Depending on the company specialism/product, lesser known and less crowded hubs in states such as Texas, Minnesota, North Carolina, and the Baltimore-Washington area are becoming more attractive and can present Northern Ireland companies with a wider range of opportunity beyond the well know hubs.
Opportunities exist in:
The US is a consumer driven market with high demand for new innovative products and services.
Demand is driven by a number of unique regional drivers:
Where to enter the US market, how to enter the US market and with whom to partner with is something I help companies determine so they can plan meetings and activities more effectively.
While there are distributors that cover the whole US market, the geographic entry point for many companies also helps me to find an appropriate distributor with strong connections in a company’s chosen geographic area.
In the end, it all comes down to the company’s unique needs and the specifics of what they can offer. Based on that, I can help them navigate the complex environment of users, buyers and reimbursement strategies in the sector to help them grow in the US market.
If you’re interested in finding out more about opportunities in the US, please contact your Client Executive.
A graduate of Boston College (BSc biology) Matt holds an MBA from IESE Business School (MBA) in Barcelona. After years of working as a scientist, he began his sales career and prior to joining Invest NI has worked for several global pharma organisations.