PreventionGenetics works with WEDC to create a strategic international exporting strategy
Founded in 2004 to provide clinical DNA tests for genetic germline (inherited) disorders, Marshfield-based PreventionGenetics now offers the largest comprehensive menu of germline genetic testing of any company in North America.
But the company doesn’t just have its business sights set on the U.S. After experiencing exponential growth domestically early on, PreventionGenetics wanted to replicate that success in foreign markets.
Specifically, PreventionGenetics saw opportunity in the emerging markets of South America. With that in mind, company leaders began seeking assistance from the Wisconsin Economic Development Corporation (WEDC) to develop an export strategy.
WEDC guides PreventionGenetics toward overseas exposure
In addition to helping develop an export strategy for PreventionGenetics, WEDC also assisted the company in applying for several International Market Access Grants that allowed its representatives to travel to international trade shows. By attending these conferences, PreventionGenetics was given the opportunity to raise its profile around the world.
Having reached out to WEDC, the company was then given access to a network of key advisors and industry experts that allowed it to invest further in its international operations. This global network of authorized trade representatives is aimed at helping companies like PreventionGenetics navigate regulatory issues and business customs.
PreventionGenetics also took advantage of various WEDC global trade ventures. Being part of a trade venture delegation allowed representatives to receive a high-level country briefing from WEDC’s market development director before experiencing a tour of the country’s major markets. At each stop they participated in pre-arranged, customized meetings with companies whose needs or capabilities aligned with their export objectives.
PreventionGenetics grows to meet global demand
In a two-year period, PreventionGenetics saw its outreach efforts lead to an international sales growth of nearly 50 percent. Yearly, nearly 33 percent of the company’s total revenue comes from international sales.
The company now employs an international staff to help make connections in foreign markets, which has led to its tests being used in 72 countries to date. Through its website, PreventionGenetics accepts test orders and samples from anywhere in the world.
PreventionGenetics continues to further its global reach by eyeing expansion into additional markets through appearances at trade shows in the United Arab Emirates, Dubai and Japan.
In recognition of these accomplishments and continued efforts, the company earned the 2015 Wisconsin Governor’s Export Achievement Award.