In search of new markets
Market access remains one of the greatest challenges for businesses across all industries. By asking and, more importantly, answering eight questions, you can start to create a strategy to help achieve and maintain product compliance.Market access remains one of the greatest challenges for businesses across all industries. Navigating differing regulatory requirements, monitoring and adapting to evolving requirements, managing suppliers and ensuring products have the appropriate documentation for accessing a chosen market requires trustworthy partners.
On April 18, UL hosted representatives from American Chambers of Commerce (AmChams) in 24 European countries at its Northbrook, Ill. headquarters. The purpose of the visit was to deepen their understanding of how UL helps organizations achieve market access and to learn more about the testing and certification process.
The European AmChams represent the interests of more than 17,000 American and European companies employing 20 million workers, accounting for more than $1.1 trillion in investment on both sides of the Atlantic. While the AmChams work to support their members with European and U.S. market access through engagement with policymakers and their members on unique aspects of a given market; UL works with many of those same members to understand the technical and regulatory requirements of those same markets.
During the AmCham’s visit to UL, there was much discussion around the issues to consider when seeking access to new markets. These considerations include:
- What requirements does my product need to meet?
- What pretesting can I do to help achieve compliance with multiple markets?
- How do I verify the quality of goods from my suppliers?
- What requirements should I know about to help with component sourcing?
- How can I achieve continual compliance of my product?
- What proof of compliance do I need to show with my product?
- What product installation requirements exist for my product?
- What are the requirements for the recycling or disposal of materials?
By asking and, more importantly, answering these questions, one can start to create a strategy to achieve and maintain product compliance. Effectively accessing global markets can reduce costs, improve market success and contribute to overall compliance and product quality.
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