Biopanda exports to the UK and Ireland and sells to around 40 countries worldwide, including South East Asia, the Gulf Cooperation Council (GCC), West Asia, as well as markets across Europe, Africa and the Americas.
Philip McKee, Sales Manager at Biopanda, explains how the business identifies, prioritises and manages export risks as it grows internationally.
Identifying and prioritising risks
“When choosing new markets, we identify and rank the main risks in each target market. We carry out due diligence to ensure customers and distributors are suitable.”
“Biopanda puts a wide range of protective measures in place, including structured payment terms and well-developed distributor agreements. With support from Invest NI trade advisers, the business has also identified markets with fewer trade barriers.”
“As the business has expanded, we’ve refined our approach to evaluating export risk. Experience has given us greater insight into different markets, and we’ve become more selective about where we focus growth. At present, we do not prioritise markets with significant trade barriers.”
Market and customer risks
“Before agreeing terms with new overseas customers, distributors or partners, we assess their reliability and creditworthiness.”
“For example, we use a distributor questionnaire that looks at key factors such as company size, reliability and whether they’re a good fit for Biopanda. Secure payment terms help us minimise risk, while video calls and in market visits allow us to assess a customer’s potential.”
“Early conversations with customers about regulatory compliance, company scale, turnover and other key factors help us decide whether a business relationship is worth developing. Thorough due diligence is central to reducing risk.”
Financial and currency risks
“To manage exchange rate volatility and protect our margins, we trade in both GBP and USD. Our accounts team monitors currency movements closely, and by keeping account terms short, we reduce exposure and maintain a low level of financial risk.”
Operational and logistics risks
“Biopanda follows robust shipping and logistics procedures. We ensure all required shipping documentation is completed accurately, submitted to couriers, uploaded where necessary, and shared with importers. Our logistics team actively monitors each shipment and maintains regular communication with customers to resolve any issues during the import process.”
Legal, compliance and continuity risks
“Compliance is a major consideration when exporting. Our dedicated regulatory team works closely with distributors to provide all required documentation for product registration in each region.”
“Once certification of registration is supplied, we can focus on growing its presence in that market. However, regulatory barriers remain one of the main challenges when supplying in vitro test kits internationally.”
“If major disruption occurs in an export market, we work closely with regional partners to identify barriers affecting shipments or operations. In some cases, political instability has meant we’ve had to cease trading in certain regions.”
Strategy and process
“To ensure export risks are managed consistently across the business, Biopanda invests in internal training and robust processes.”
“We provide in house training for all staff and operate in line with our quality management system. This ensures everyone understands and follows the standard operating procedures that support the global export of our products.”