Clever expansion into international markets
Building partnerships is at the heart of Kora Healthcare’s exporting strategy, which has been reaping rewards in recent years
A focus on new export markets and product ranges was the driving force behind Kora Healthcare’s growth after the divestment of its sister company Newport Pharmaceuticals by family business Immdal in 2011.
Today, the company develops and markets a range of healthcare products, including prescription-only medicines, medical devices, food supplements and foods for special medical purposes. It currently sells into 26 countries around the world.
“Kora became in effect a start-up company,” says chief executive, Conor O’Daly. “We said goodbye to a lot of experienced staff members,” he explains. “Over the next couple of years, we rebuilt the management team and expanded the product portfolio through a lot of internal product developments and by establishing partnerships with other pharmaceutical companies. This meant we could market and distribute their medicinal products in our markets of Ireland, the UK and Germany.”
The company soon turned its attention to diversification across more international markets. In 2012, it launched an export-driven strategy with a view to partnering with like-minded companies to act as licensees and distributors for its medical device and medicinal products.
Through this strategy, the proportion of export-generated revenue increased from 74% in 2012 to 94% in 2017. Turnover in the five-year period trebled.
The company now employs 21 people and is in the process of recruiting a further six. In addition to its head office in Swords Business Park in north Co Dublin, it recently set up its first overseas office York for UK sales and marketing activities.
Unusually, Kora works off a virtual manufacturing and development platform, whereby it collaborates with a network of contract manufacturer companies and research organisations. “As a result, we have the flexibility to pick and choose those operational excellence facilities we wish to collaborate with,” O’Daly says. “This allows us to narrow our focus on research, development and innovation and achieve great market penetration and sales growth.”
Continued export growth is at the centre of a new five-year plan. “It’s about establishing a footprint in additional markets and looking to have a presence on every continent by the end of 2022 – excluding Antarctica.”
O’Daly is also expecting increased growth in existing markets. “We have a number of products, assets and knowledge within our existing portfolio that we’ve yet to capitalise on in a meaningful way in Europe. And we have a clear plan and strategy as to how we will go about doing that.”
“It’s about establishing a footprint in additional markets and looking to have a presence on every continent by the end of 2022– excluding Antarctica”