If you would have told me when I graduated University with a Finance degree that my career would take me into an operating room watching a woman’s heart being operated on to replace a faulty valve, I never would have believed it. But that is exactly where I found myself a few weeks into my role as a Life Sciences Sector Advisor at EDC. The surgeons called it a “standard” operation, which I suppose if you’ve performed them as often as they do then it’s all relative.
What instantly came to my mind was how much technology has progressed over the past 50 years. A surgery that is now considered ‘standard’ was not even an option then. As a Sector Advisor in the Healthcare sector my role is to understand Canadian capabilities in this space and create trade opportunities for Canadian companies. This has given me the opportunity to learn about many incredibly innovative Canadian Life Sciences companies that are creating the some pretty cutting edge medical devices.
Many of these companies however, face huge challenges in trying to commercialize their products. The most significant is a lack of financing, followed closely by the stringent regulatory environment to get products approved for the market. For companies with devices or services on the market already, EDC’s products and services can be just what they need to finalize that export contract. Most companies in this sector benefit from our Accounts Receivables Insurance (ARI) and our Export Guarantee Program (EGP). An ARI policy will cover you against buyer default and through the EGP program we work with your bank to provide you with the working capital you need to grow your business. We’re also looking into strategies to help pre-commercial companies.
I was recently at a Health Information Technology Conference, HiMSS, in Orlando where I met with over 30 Canadian companies. Many of them wanted to learn more about our services because they felt we could have a significant impact on their ability to expand globally. They recognized that EDC and our Government partners have a lot to offer so my advice is to make sure you leverage the tools and resources that are available to you. If your company is interested in hearing more about out how we can help, contact me. I’d love to learn more about your company and put my network to work for you.