Strategies for UK and European Businesses to Expand into the US Market
An insightful and thought-provoking panel discussion at the Insurance Hall in London, where industry experts delve into the intricate strategies for UK and European businesses to expand into the US market.
This event was held on December 6th, 2023, it unveiled the secrets to navigating the US business landscape, gaining a competitive edge, and achieving sustainable growth in this dynamic market.
Key Insights from the Video
- Key topics include navigating the US regulatory landscape, particularly in life sciences
- Understanding the US tax system and state-specific legal environments
- Strategies for setting up business entities in the US
- Operational challenges and the importance of getting the right professional services advice
- Tips for raising capital and finding the right partners
Why This Insight Matters to Your Business
- Gain Regulatory Expertise for Seamless Expansion: Discover how to navigate the intricate requirements of the US Food and Drug Administration (FDA) and understand the nuances of the US healthcare system. Ensure compliance, avoid legal pitfalls, and pave the way for a successful market entry into the US life sciences industry.
- Unlock the Secrets of US Tax and Legal Systems: Demystify the complex landscape of US taxes and legal considerations. Learn how to optimise your business structure, minimise tax burdens, and align with US norms to establish a solid foundation for growth and profitability.
- Overcome Operational Challenges with Ease: Master the logistics and administrative hurdles of expanding into the US market. Gain valuable insights and solutions to ensure a seamless transition enabling you to focus on your core business and achieve operational excellence from day one.
- Prepare for Success: Be armed with crucial preparation and planning strategies before venturing into the US market. Anticipate potential obstacles, optimise resource utilisation, and position your business for a smooth and efficient entry into one of the world’s largest economies.
- Secure Capital and Forge Strategic Partnerships: Discover effective investment strategies and learn how to attract US investment for your UK tech or life sciences business. Uncover the secrets to finding the right partners that can accelerate your market penetration and open doors to growth opportunities.
- Tap into Expert Insights from Industry Leaders: Benefit from the wisdom of esteemed panellists, including regulatory experts, accounting professionals, government trade specialists, and industry insiders. Gain access to their collective knowledge and expertise to make informed decisions and navigate the complexities of US market entry.
- Stay Ahead with Cutting-Edge Market Intelligence: Access up-to-date, in-depth information on US regulatory changes, market trends, and legal requirements. Stay ahead of the curve and position your business as a leader in the US tech and life sciences sectors.
- Accelerate Your US Expansion Journey: Save time, resources, and potential costly mistakes by leveraging the experience and guidance shared in this comprehensive panel discussion. Empower your UK tech or life sciences business to thrive in the competitive US market.
Don’t miss this exclusive opportunity to gain valuable insights from industry experts and unlock the keys to successful expansion into the US market. Watch our full video to equip yourself with the knowledge and strategies needed to establish and grow your business in the world’s largest economy.
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About Our Experts
Malcolm Joy
Frazier & Deeter
In addition to steering Frazier & Deeter’s growth in the UK, Malcolm serves as the firm’s Global Transfer Pricing Practice Leader and UK Head of Tax. Find out more.
David Patton
Frazier & Deeter
As a Partner in Frazier & Deeter Tax Practice, David provides tax planning and compliance services to large and middle-market corporate taxpayers. Find out more.
Chris Howie
GTM Global
Former European Life Sciences specialist at the DIT, Chris is a seasoned professional with 30+ years in MedTech, Pharma, BioPharma, and Academia. Find out more.
Mark Magnacca
gigCMO
Mark is the CEO of gigCMO with over 30 years of business experience in senior leadership roles across a diverse range of industries. Find out more.
Mark Traherne
Monument Therapeutics
Mark is a scientist with 30 years of experience in the discovery & diagnosis of novel treatments for diseases with unmet medical needs. Find out more.
David Rose
US Expansion Partners
David Rose helps European technology companies navigate the complexities of launching, managing, and scaling operations in the United States. Find out more.
Mark Swanson
QRX Partners
Leader in Quality Systems management, Mark’s career includes roles in quality engineering, design assurance, audit, and quality management. Find out more.
Mindy Daeschner
Daeschner Consulting
Mindy is an E-health Practitioner specialising in advising businesses focused on the fusion of health, insurance, and technology. Find out more.
Video Transcript
Mark Stimpfig, Co-founder, GTM Global: Welcome everyone. Thrilled and delighted to be able to present to you today a smarter way into the USA with an amazing panel of experts who have some great knowledge, some great insights, and some great connections to help you land and expand across the pond.
I’d like to, if I can, just tell you a little bit about GTM. We’ve been going nearly seven or eight years. We help high-growth scale-ups internationalise by giving them curated and qualified advice to help them before they travel, expand, and land in different regions. And we’ve got a built-up ecosystem over the years of 300 partners and collaborators from government trade and commercial bodies.
We’re thrilled and delighted today to plan and look at how we can develop what we do into 2024. We’ve already got a very focused approach to sectors, particularly Life Sciences, but we’re looking to build into this Net Zero, Aerospace and sustainability. And, we’ve also entered into an exciting collaborative and strategic relationship with Frazier & Deeter, an accounting firm based in the US but has growth and capability and offices here now in the UK.
And I’d like, if I may, introduce you to principal sponsors just to say a few words about what Frazier & Deeter does both in North America and in London and Cambridge.
David Patton, US Tax Partner, Frazier & Deeter: I’m David Patton. I’m a US Tax Partner at Frazier & Deeter. Frazier & Deeter is a US-headquartered firm. We’ve got seven offices across the states, one here in the city of London and then another in Cambridge and in Bangalore. We’ve been in business for about 40 years with a focus on the Middle East Market and helping companies expand to the states from Western Europe.
Malcolm Joy, Head of UK Team, Frazier & Deeter: My name is Malcolm Joy. I’m based here in London, head of the UK Team at Frazier & Deeter, working very closely with David and his colleagues in the US. We’re really proud and pleased to be supporting GTM with the various initiatives around expansion into the US for Tech, Biotech companies, and others as well. We’ve been in the UK now for about 5 years. We’ve helped in the last 2 and a half years alone more than 250 UK and European companies set up in the US, so it’s very much a core part of what we do.
Panel Discussion
Kelvin Summoogun, CEO, Miicare: If you had to give just one big piece of advice to a company from the UK about to move to the US, what would that be?
Chris Howie, Head of Life Sciences, GTM Global: Regulations. Make sure your FDA is in the right spots. Speak to Mark.
Mark Magnacca, CEO, gigCMO: Management time before you get to the quality of life, and you’re living your dreams, which is great. The management bandwidth is right to go into the US market. This is not a part-time job. When you think of all the issues that have been raised here before you’re even pallet ready to go there, you have to have that management bandwidth. And I think you have to reflect on how did your company grow wherever its home market is because you’re going to have to look at those lessons and apply them to this new market because it takes a big commitment, but if you win in the US, you win big.
Mark Traherne, Commercial Research Scientist, Monument Therapeutics: The Right Partners. I’d say this is just as important in the US as is in China or India. You have to have partners who know what they’re doing on the ground because if you build that infrastructure, it will take a long time.
David Patton, US Tax Partner, Frazier & Deeter: Don’t skimp on professional services. It’s much more expensive on the back end when you’re trying to exit, and you’ve done something incorrectly. Set up right, make sure that you’ve talked to all the different advisers, and invested in that.
Malcolm Joy, Head of UK Team, Frazier & Deeter: Building on that. Just recognising the fact that the US has got this two-tier system. You’ve got federal regulations, and you’ve got state regulations, and just getting your head around both of those before you start setting up.
David Rose, CEO, US Expansion Partners: The importance, I’d say, be talent-ready. All those things you have to do before you can hire somebody, make sure you’re ready before you try to go down the hiring path.
Mark Swanson, Funding Partner, QRX Partners: And I’d build on that. You know, Chris mentioned the regulatory pathway, understanding what that is, but it’s more than that. It’s the planning, it’s sitting down upfront of what, how am I going to get there, and engaging all of the right experts to understand that pathway.
Mindy Daeschner, Managing Partner, Daeschner Consulting: I’m more commercial. So I would probably say, you’ve done your due diligence, so it’s understanding the opportunity in the States. What’s the total addressable market, and what’s your competition, then I will go straight back to what Mark said. It says what is your distribution channel because building it is difficult, but if you’ve got partners who understand it, that can bring you through that or certain people that you know that can fill the gap between the UK and the US for a period of time, that often works. So it’s not like you have to employ straightway if you have the right talent that can do it, and then build maybe slowly and then go out. But it’s really understanding your total addressable market and really pushing hard on that.
Mark Stmpfig, Co-founder, GTM Global: Thank you, everybody, on the panel, for what’s been a fascinating and really engaging session. A round of applause to our panelists. Thank you.
