How to: reach new markets with a lateral flow contract manufacturing services provider
A deep-dive into how lateral flow contract manufacturing can open-up access to new customers, locations and technology
Several of our blogs have outlined how COVID-19 is causing a surge in demand for lateral flow rapid tests across all industries. It is therefore not surprising that the increased global awareness of the technology has resulted in test owners hoping to capitalise on this major industry flux. However, companies will undoubtedly be asking the question: who can help us reach new markets and take advantage of the greater market demand for lateral flow devices?
This blog will therefore explain how test owners can best grasp the expertise and industry knowledge of a lateral flow rapid test services provider.
Whether targeting new markets requires reaching a new customer segment, a new location or the adoption of new technology or indeed all of the above, we look into how a lateral flow contract manufacturer opens-up access to these markets.
- Reaching new markets with assay commercialisation guidance
A lateral flow contract manufacturer can be effectively utilised to gain access to their insights into the present and predictive future trends of the marketplace. Good rapid test developers and manufacturers will advise on the commercialisation of your assay and provide insights and wisdom on how to best deploy your sales strategy.
Remember, your manufacturer should be the eyes and ears of the rapid test market, and taking advantage of their knowledge and know-how will enable them to guide you to the best route to market for reaching new customers and territories.
- Reaching new markets through next-generation developments
The likelihood of reaching new markets is significantly increased through constant access to a manufacturer’s superior technology in terms of quality materials, equipment, and expert personnel.
Lateral flow developers and manufacturers will have produced different assays for multiple customers, placing them as your ideal ally when targeting new audiences, no matter how complex your assay may be. They are also likely to have developed and manufactured similar assays before, making the whole process from development to scale-up manufacture streamlined and efficient.
- Reaching new markets through robust supply chains
Targeting new markets will often mean targeting new locations and territories. The most efficient way to access new areas is with long-established shipping and operational processes: something a good manufacturer offers as standard. Therefore, through strong supply chain relationships, the delivery of your assay is de-risked, limiting disruptions in delivery times and ultimately fulfilling customers’ demands on time.
- Reaching new markets with stable pricing
Utilising rapid test contract services to reach new markets provides tests owners with a stable fixed cost per test, allowing you to plan market growth strategies and margins effectively.
When reaching new markets, audiences demands increase with time or buying behaviours change, and therefore test owners will understandably want to protect their cashflows and maximise revenues whilst minimising risks.
Such services allow a stable fixed price per test by removing overhead costs that would otherwise be incurred with in-house assay development and manufacturing. Such costs include;
- Leasing machinery and buildings
- Staff training and recruitment costs
- Offsetting quality control issues
- Fluctuation in material prices
- Supply chain glitches
- Reaching new markets with the regulatory and compliance support
Rapid tests are regulated and the landscape can be very complex, making the process of accessing new markets seem daunting. Abingdon Health has established an experienced Quality and Regulatory department to take the stress off customers. With regulations varying in different markets, a lateral flow contract services provider will offer valuable support with excellent quality standards and established document control via accreditation such as ISO13485 and ISO9001.
In addition, if you are seeking access into new territories, a good lateral flow contract services provider already has significant experience in dealing with regulatory bodies around the world. Providing many advantages and acting in an advisory capacity on the various product registrations protocols, making you feel reassured.
Overall, the advantages of choosing to on-board a lateral flow contract manufacturer when accessing new markets greatly outweighs the option to do this in-house. In order to enter new markets effectively, test owners need to place themselves in the best possible position to meet specific regulatory requirements, establish the best route for commercialisation of their assay and utilise supply chains to effectively deliver tests to new markets, all whilst operating cost-effectively.
This is a service only a lateral flow contract service provider can fully drive.