Getting your product into market
The primary strategy for New Zealand companies entering this market has been to seek partnerships with larger Canadian biotechnology companies with complementary research and product synergies.
Another area of focus is in attracting funding for clinical trials or joint research.
Important conferences include:
- the BIO industry conference is held every year in a different United States city. Pathfinder companies are encouraged to attend. Canadian companies and provincial government delegations attend
- BioPartnering North America, held annually in Vancouver, focuses on deals and partnering opportunities
- BioContact Quebec, held in Montreal, is an excellent forum for meeting with Quebec-based and other Canadian biotech companies.
Regulations
For pharmaceutical and other biotechnology products, the regulatory environment in Canada is complex.
Regulations governing human and animal health products in Canada are notoriously stringent. The average cost of taking a human drug through development to market is more than US$1 million.
Opportunities
- New Zealand has a great image in Canada. New Zealand biotechnology is less well known although this is improving.
- The natural products market in Canada is significant, partly due to a huge influx of former Hong Kong residents. New Zealand is well-placed to strategically tap into the Canadian natural products market due to its “clean and green” image and reputation as a provider of top quality natural product ingredients.
Challenges
- North American market entry is expensive and requires time and dedication.
- Although New Zealand has an amazing number of excellent scientists, they are not matched by counterparts with life science-specific business development experience, especially those with international experience and connections.
- While more manageable than the United States or Europe, Canada is still a market of significant size and New Zealand needs to distinguish itself from the pack to get attention.
- It is unusual to find a North American venture capital company willing to lead an investment in a New Zealand company.
