The pharmaceutical industry is today facing tougher competition and regulations than ever before. One company that has countered these challenges in drug development since 2012 is Captario.
The Swedish company is specialized in using AI, advanced modeling and simulation to improve strategic decision making in the pharmaceutical industry.
Captario started in a Swedish hub - Sahlgrenska Science Park and is now globally active. As one of SACC-SD´s Life Science Members, we met with Erik Post, President at Captario to learn more about their U.S. expansion.
What made you want to expand your business to the U.S. market? We target the largest pharmaceutical companies in the world - helping them make more informed investment decisions in their drug development. These companies are all represented in the U.S., therefore, we naturally wanted to establish our business close to where they are located.
What have you learned from starting a business in a new region? We have realized that all locations have their own business ecosystem. For this reason, we cannot overestimate the value of building relationships locally.
What has been the biggest challenge VS. the greatest reward with expanding your business? Staffing and legal costs in the U.S. are quite high, which can be a challenge when creating a budget for a Swedish startup. That being said, these investments have proven to yield great benefits.
How has SACC-SD helped you to facilitate your business in this new market? SACC-SD has helped us tremendously in gaining traction on the U.S. market. We have received help in setting up customer meetings, as well as, having webinars marketed through the Chamber. We have also been helped to gain more exposure on social media and through SACC´s website.
What would your advice be for someone who has thoughts of expanding their business to the U.S. market? Having at least one vested person on the ground, someone from, or with a background from Sweden can be of great help. Get in touch with SACC and take other professional help as needed. This might seem counterintuitive to a “Can do it all myself” Swede, but it will make your journey smoother. Specifically, get U.S. legal and accounting assistance early on, as well as consider using a SaaS solution for payroll and HR.
Want to learn more about Captario and their work in addressing the major points in the drug development process? Check out our webinar with Captario from earlier this spring, click here.