Doing Business in the Life Sciences Industry in France
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Transcript of Doing Business in the Life Sciences Industry in France
France, Minnesota and the Life Sciences Industry
Gregory D CashPresident & CEO
My Background
• Began learning French at 10 at CLV/Lac du Bois– Continued French studies at St. Thomas and in Aix-
en-Provence– Picked up German and Italian along the way
• Started my career at Medtronic as an intern in international marketing
• Worked as an expatriate abroad several times– London, Hong Kong, Milan and Paris for two years
• Have worked extensively in France
Un petit peu sur la France
• Just under 66 million people (2011 census)– 20th most populated country in the world– 5th largest global economy – 4th largest country in terms of direct foreign
investments– 80 millions tourists annually• Top tourist destination in the world
Healthcare in France
• The French health care system combines universal coverage with a public–private mix of hospital and ambulatory care– Ranked #1 in the world by the WHO in 2000– Spends 11.2% of it’s GDP on healthcare (2005)
• More than the average in Europe but less than the US
• Dominated by solo-based, fee-for-service private practice for ambulatory care and public hospitals for acute institutional care– Patients are free to navigate and be reimbursed under
national health insurance
Minnesota Exports to France
• France is Minnesota’s 16th largest trading partner (2011)– Germany (6th), Belgium (7th), UK (8th), Netherlands
(14th) and Ireland (15th) area all ahead of France, yet only Germany has a larger population
• It would appear we are missing a big opportunity here!
Barriers to Entry
• Regulatory Approval - Conformité Européenne (CE mark) required
– Much easier to get than FDA approval to market and obtainable through any notified body
• Reimbursement Approval - Agence Française de Sécurité Sanitaire des Produits de Santé– AFSSAPS is also the competent authority in France
French Life Sciences Industry
• Pharmaceutical Sector– 350,000 jobs including 22,000 in research– #1 market in Europe– Sanofi-Aventis is the 6th largest player worldwide– Biotech focus as well
Cerep (Poitiers) Transgene (Strasbourg) Flamel Technologies (Lyon)
French Life Sciences Industry
• Medical Devices– Over 1100 manufacturers, most small to medium
sized– The strength of French producers lies in highly
advanced medical devices such as implants ELA Médical (Sorin Group) – Cardiac Rhythm Management Hexacath, Stentys – Stents CARMAT – Artificial Heart
French Life Sciences Industry
– 2nd largest European market, $10 billion per annum• Supplied by French-owned companies and by a growing
number of sales subsidiaries of multinationals• Most of these companies are small or medium sized
but the ten largest companies account for 30% of total sales• Opportunities
– Capital equipment areas such as imaging and radiotherapy– Expansion of home healthcare market will result in an
increased need for home-use medical disposables
Doing Business in France
• It always helps to speak the language.– Know when to “tutoyer” and “vouvoyer”.
• Structure and hierarchy– French business culture features a strong, vertical
hierarchy in which respects the Cartesian way thinking. Work with all levels of the organization to ensure success.
– The highest individual in authority still tends to be the only person who can make final decisions.
Doing Business in France• Working relationships
– Relationships are an important part of French business culture, and you should spend a few minutes getting to know your colleagues before conducting business.
• Business Practices– Lunch is one of the best places to forge business relationships in France, but
business lunches are not as common as they used to be. If invited to one, it is always polite to accept.
– A business meeting should begin and end with a brisk handshake accompanied by an appropriate greeting and the exchanging of business cards.
– Despite the formality of French business culture, it is not uncommon practice to stray from the agenda during meetings. Initial meetings are often dedicated to information sharing and discussion, rather than reaching final decisions.
Do’s and Dont’s+ DO maintain an air of formality and reserve during all business practices and at all levels within the business, using titles wherever possible.+ DO make direct but moderate eye contact with your French business colleagues.+ DO try to learn a few basic French phrases and use them whenever possible. Your efforts will not go unnoticed.- DON’T discuss your family or other personal matters during negotiations.- DON’T be put off by frequent differences in opinion and rigorous debate during business negotiations. The French will appreciate your ability to defend your position.- DON’T rush or display signs of impatience with your French counterparts. The French take their time before arriving at a decision.
La Fin (The End)
• Merci• Quéstions?• Commentaires?