According to the director of Dream Laboratory, Dr. Glen Kemp, there is great potential in the Chinese market for healthcare and biotech firms. Unfortunately, he feels that many UK businesses are reluctant to take the time to research the market. In his estimation, this is a grave mistake because the Chinese market is ripe.
Kemp further elucidates that just one province alone in China holds more people than the entire UK. For example, he notes that the Hunan Province is populated by 80 million people which would open a tremendous amount of doors for UK firms looking for new markets.
One of the particular fears, he feels, is that there is a language barrier and a vastly different way of operating. However, co-founders of Dream Laboratory Hunluo and Wei Chen state that there are plenty of translators who can help bridge the cultural gap in order to carry on lucrative business ventures.
Of particular note in terms of doing business with China are the healthcare and biotech industries. There is a huge void in China, even with all their technology, in these two sectors. Even so, Hunluo, Chen and Kemp advise that it is best not to focus on the entire country of China but to rather get a foot in the door province by province. They point to the fact that China is such a huge country which is why it is best to focus on single provinces.
In terms of UK economy, breaking into a market as large as China would provide much needed revenue especially when the country is facing such trying economic times. Millions are unemployed and the situation isn’t forecast to be resolved any time in the near future. Building business relationships with other markets will foster growth in the UK and encourage future ventures.