Nanova, Inc. – Columbia (Where are they now?)
We’ve provided regular updates on Nanova, founded by four researchers, two from the University of Missouri College of Engineering, Drs. Hao Li and Qingsong Yu, professors of mechanical and aerospace engineering. Nanova performs nanotechnology research that leads to the manufacture of advanced dental and other products.
The MO SBTDC’s International Trade Center (ITC) team completed a research project in the summer of 2016 to help Nanova identify product trade flows, review global market trends, and identify and evaluate potential markets for its dental products. These include flowable and universal composites and sodium fluoride varnish. The countries pinpointed as promising markets ranged from Australia to Switzerland. The team also connected Nanova with the U.S. Commercial Service Healthcare Technologies Resource Guide and the expertise of Margaret Gottlieb, U.S. Commercial Service, in St. Louis.
Nanova’s management was also enthusiastic about ITC counselors and interns evaluating global markets for a new FDA-certified product, the Vas-Q-Clip, in late 2016. This is a polymer ligation clip used in several surgical procedures. (Ligation is simply the closing of a blood vessel, duct or tube using a ligature, or clip.) The worldwide ligation clip market is dominated by one firm that significantly increased prices in 2012. Nanova and the ITC believed the firm’s new product was an excellent opportunity to win customers.
Nanova requested analyses of certification and market entry requirements for different markets; data on a country’s healthcare system; market size, distribution, sales channel and purchasing information; potential distributors or partners; and appropriate pricing. The research team then identified 30 markets; that list was then whittled down to five countries for appendectomy and gall bladder surgeries in Asia, North America, Africa and the Middle East. The final report reviewed each country in detail, including its overall economy and unemployment rate, barriers to U.S. trade or investment, taxes, medical device registration procedures, packaging, labeling and distribution.
Brian Rader, Nanova business development manager, was pleased with the final report.
“The information we received in both projects helped us define where we may strive in our international business efforts,” he writes. “We were provided with technical trade information we weren’t aware of and socio-economic information of value, too.”
The International Trade Center is a central resource for quality global trade research, analysis, education and training. The ITC can help Missouri businesses:
- Develop and plan a viable export strategy
- Research potential markets and assess opportunities
- Research data to make informed and timely market entry or expansion decisions
- Connect to additional resources and expertise in finance, shipping, documentation and compliance
- Further educate firms’ principals on international trade.
In the past two years, the ITC has completed 29 global market research projects for 20 companies using 91 interns and six skilled MO SBTDC international trade counselors. In total, student interns and counselors have logged about 11,000 hours on these projects — 120 hours for each student intern.
Looking to drive export sales? Contact the ITC today.
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