Pharmaceutical executive: Due to the latest political turbulence, many companies have the feeling that they are uncertainly exposed to uncertain regulatory environments. How can you strategies for this?
James Foster: We are a small company relative, so we can stay nimble. As a result, we can move with the blows, so to speak. But I think that a lot from the point of view of the manager and the way we have to look at things have to strategate on certain events that may occur.
If we want to talk about it in particular, we have been strategic in recent years. As a result, we have different means and methods to avoid this special event. In order to use the tariff example, we have again discussed the opportunity to set up certain operations in the USA or move more from our supply chain to the USA. This is just one of different scenarios that we have planned for the world due to geopolitical or elsewhere.
I think every good manager would have action plan A, B and C and would be based on them accordingly. If you don't have that, it will be difficult because unstable things may be. As a relatively small company, we have maneuverability in this environment. This gives us an easy advantage because our supply chains are not carved into stone in certain regions or jurisdiction. This enables us to roll next to what happens geopolitically with the blows next to what happens.
PE: How did the latest technological boom affect the starting strategies?
Support financially: I think it helps. You could talk about a variety of different things, but if you only want to choose AI, it really helps. It is something that we have integrated into many of our systems.
Chat GPT recently released a new function called Deep Research. These tools are really fantastic for companies like ours. In the event of deep research that we integrate at this point, we would take days, weeks or even months and create research reports for what we do in our back -end. Because of the AI, we only get the nuts and screws from what we try to do from the perspective of research. In a few minutes we can create incredibly detailed research reports that are very precise. This is absolutely huge for us and it is true in our entire industry.
PE: How can companies that plan a global start, choose which market should be concentrated on?
Support financially: I prepared my answer by saying that every company is different. You have industrial inertia, depending on what you do. In the example of diagnostics that our business is, it could be the fact that you have a laboratory in a certain jurisdiction, and therefore it only makes sense to start in this jurisdiction.
On the other hand, depending on what you really do, you would have to look at your entire addressable market and look at the overall picture. We did that for our special business. Much of it goes to the USA, so much of what we have done and tried to work through the different workflows to enter the USA.