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MD International is private company founded by Al Merritt in 1987. MD International is a Southern Florida based company who exports medical equipments and has experience in market, falling trade barriers and increased expenditure on healthcare. Merritt had an opportunity to act as an export intermediary for medical equipment manufacturers in the United States. His main focus was on Latin America and the Caribbean. He already had an experience in the Caribbean which would prove progressive for his business. The Latin governments embraced more liberal economic ideology which led to the fall of trade barriers throughout the region. Also, there was an increase in government spending on health care which opened the door of opportunities for people like Merritt.
Merritt wisely chose an option for the location of his company. He selected Southern Florida since it was close to his market. This proved to be favorable for him and since then, the company has grown to become the largest intermediary exporting medical equipment in the region. Today, MD International is not only the largest exporter of medical equipment but also the largest provider of training to medical personnel in the use of devices and extensive after-sale service and support. The company sells the products of more than 30 medical manufacturers to around 600 regional distributors. Many manufacturers do not tend to sell the equipments directly to the region because of the fairly large marketing cost. But, MD International can afford to do so because of its broad portfolio of products.
The overall success of the company is because of its deep rooted knowledge and understanding of the Latin-American market. MD International also works very closely with teams of doctors, biomedical engineers, microbiologists and marketing managers across Latin America to understand their needs and analyze how they can fulfill them. MD International carefully analyzes and builds its foundation which has led to a huge success over the years.
Exporting definitely has many pros but at the same time it even has cons which can be detrimental to the overall business if not handled properly. Exporting usually has large revenue and much greater profits depending on the countries the goods are being exported to. Also, it gives you an opportunity to grow.Whereas, in order to sustain and gain profit in exporting one must be absolutely aware of the marketing analysis and the competition. Customization of the products according to the modern needs is also necessary. Some other pitfalls include finance, poor marketing strategy, etc.
MD International has its base where there is demand for its business. Also, the intense understanding of the market leads its way to grow. It works closely with customers and develops a strong relationship with them which helps them to gain trust. Also, this helps them to understand the needs of their customers and work accordingly. A good understanding and implementation helps MD International to avoid the common pitfalls.
Inspite of all the understanding and implementation MD International still faces some issues. Due to the highly cyclical nature of the Latin American economies, even MD International needs to ride those cycles with them. Especially on 2001, after a solid growth an economic crisis Argentina and Brazil , along with a slowdown in Mexico, resulted in a great loss that year and even forced Meritt to give up one-third of his staff and cut the pay of others, which also included a 50 percent pay cut for himself. For this problem, it is usually beneficial to have diversity among the clients. If a business has one major client on whom the majority of the income depends then it can prove to be extremely detrimental during financial crisis. While on the other hand, if the business has several diversified smaller clients then it won’t cost them much to loose one or more of them. They can still maintain a work balance. Every business should have a backup plan. They should analyze and predict such issues and devise a smart plan for the same. This will prevent them from facing a major loss and would assist to solve all the hurdles.
In 2002, things started to improve and also the weak dollar in the mid-2000’s helped to boost export sales. Businesses should take the advantage of situations like the weak-dollar. Even though the margin margin will fall down this period is excellent to create good relationships and get new clients through marketing. International clients will usually think to make a deal with USA companies when the dollar value is less. This way the businesses can prove their ability and gain the trust of clients during this time and make them their permanent or long term client.
2008 was considered a very tough period economically because of the global financial crisis. During the tough situations, businesses should increase their networking. This will enable them to understand how the other businesses are dealing with this situation. The other businesses might have an excellent strategy which can help them survive and even find new connections. Even seeking assistance is very essential. If necessary, the businesses should not hesitate to seek a financial advisor. Also, it is very essential to stay up to date with all the latest technology and facilities available. They might be useful to not only survive during crisis but also to reach a good profit.
MD International has a good understanding of the precise locations for their business. Several factors have contributed to their success. This enabled them to not only survive the downturns but also come out as a stronger competitive. Their smart strategy and analytics prove to be their stepping stones to success.
For any business to create a base and start exporting in regions such as Asia and Europe is critical. They need to have a good understanding of the local environments and exact places to target for their type of business. They would need to carefully navigate the distinctiveness and the needs of each country.
Government assistance has proved to be critically important for MD International. They helped MD International for financing, gaining trust and smooth function of sales. Helping firms such as MD International represents a really good use of taxpayer money. It facilitates exporting gain a profit from the interest earned.

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