Internationalization Of Life Science SME’s In Finland: Challenges, Opportunities And Possible Future
Poduval, Praseet (2012)
Satakunnan ammattikorkeakoulu
2012
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2013100415862
https://urn.fi/URN:NBN:fi:amk-2013100415862
Tiivistelmä
The life science industry is a specialized field where the common principles of retail products do not fully apply. Some life science companies have seen turbulent times in the recent past while some have grown.
The aim of this study was to analyse the logic of internationalization of the companies in this specialized industry sector. The study will highlight the challenges and opportunities that these companies face during the internalization activity. It also aims to identify possible opportunities for international business consultants like that of our company.
Qualitative research methods will be the forefront of the research activity for this thesis. This is because this study aims at recognising the current landscape of the life science industry in Finland, recognising the challenges that companies face during internalization and identifying opportunities that our company can capitalise upon. A semi-structured interview was conducted. About ten top managers in the life science industry in Finland were interviewed to understand their perceptions of growth and internalisation.
Finnish life science SMEs almost immediately after establishment decide to venture in to the international markets. Initially, it is mostly restricted to the EU market and then subsequently they have the desire to venture to far off markets such as that of the US. This is in line with the Internationalisation models discussed in this thesis.
The Life science SMEs were confident of the landscape of the industry and clearly see growth opportunities. A major hurdle for growth opportunities is the availability of skilled man power. Even if the company successfully finds a right candidate finance becomes a major hurdle.
The SMEs largely feels that they need support for the sales activities to increase their reach and bring clients. Government support for sales activity is minimal and mostly limited for market research.
Companies do see a significant value in international business consultants, provided that they are appropriately equipped with the skills and knowledge of the company’s offerings.
The aim of this study was to analyse the logic of internationalization of the companies in this specialized industry sector. The study will highlight the challenges and opportunities that these companies face during the internalization activity. It also aims to identify possible opportunities for international business consultants like that of our company.
Qualitative research methods will be the forefront of the research activity for this thesis. This is because this study aims at recognising the current landscape of the life science industry in Finland, recognising the challenges that companies face during internalization and identifying opportunities that our company can capitalise upon. A semi-structured interview was conducted. About ten top managers in the life science industry in Finland were interviewed to understand their perceptions of growth and internalisation.
Finnish life science SMEs almost immediately after establishment decide to venture in to the international markets. Initially, it is mostly restricted to the EU market and then subsequently they have the desire to venture to far off markets such as that of the US. This is in line with the Internationalisation models discussed in this thesis.
The Life science SMEs were confident of the landscape of the industry and clearly see growth opportunities. A major hurdle for growth opportunities is the availability of skilled man power. Even if the company successfully finds a right candidate finance becomes a major hurdle.
The SMEs largely feels that they need support for the sales activities to increase their reach and bring clients. Government support for sales activity is minimal and mostly limited for market research.
Companies do see a significant value in international business consultants, provided that they are appropriately equipped with the skills and knowledge of the company’s offerings.