American Small Businesses Succeeding in Emerging Markets
Don Williams, CEO and founder of Princeton Healthcare, Inc. (PHI), recognized the opportunity to connect American manufacturers of medical technology equipment to international markets. Based in Atlanta, Georgia, PHI is a service firm that provides export and financial advisory services to medical technology equipment manufacturers, and healthcare and hospital organizations.
“Hospitals and other customers in emerging markets around the world are trying to improve the quality of their medical services – and they are looking to medical technologies manufactured in the United States to meet this demand for quality and dependability. PHI is capitalizing on this demand, and we see many opportunities like this for other small U.S. service firms,” said Mr. Williams.
PHI is a small but nimble company that works within many international markets, including Africa, Asia, and Latin America. Mr. Williams says his company’s size – currently a team of 10 – is part of its competitive advantage.
“Small companies are arguably better positioned to meet the needs of customers in emerging markets. We tend to be more flexible, responsive to customer demands, and better able to navigate and compete in developing industries,” said Mr. Williams.
In contrast with its larger competitors, PHI is able to provide and coordinate end-to-end export services under one transaction. This saves clients valuable time and resources because they don’t have to shop for multiple firms to provide separate financing, loans, and legal functions in the export process.
Mr. Williams says that he tends to focus on making connections in countries that are U.S. free trade agreement (FTA) partners. PHI has been most successful working in FTA partner countries because the established trade relationship provides resources to U.S. exporters. These resources mitigate trade issues and help facilitate products into that market, which creates positive business environments that have enabled PHI to compete with local and foreign competitors.
Currently, PHI is eagerly waiting for the U.S.-South Korea Trade Agreement to pass. Mr. Williams sees great opportunity in the South Korean market for his company.
“We are looking at this agreement to open up additional opportunities. As a U.S. exporter in the healthcare field, markets like South Korea are ripe with demand for American technologies and services. The U.S.-South Korea trade agreement would provide Princeton Healthcare the opportunity to better compete by connecting U.S. manufacturers with South Korean customers.”