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February 10 2010
The Globalization of Business - Global View February 2010
Business as we know it is in the process of globalization.
Everyday people communicate in different languages that have the potential to make, or break a business. In 2005, Japan's PMDA (Pharmaceutical and Medical Device Agency) reconstructed their assessment procedures when considering new drugs and medical devices to be introduced into the market. Tighter procedures meant thorough audits when assessing foreign companies trying to register their products.
Audits performed by the PMDA and other international bodies such as the European Medicines Agency (EMEA) emphasize the importance of multilingual communication. Whether it's on paper or an on-site visit to a manufacturing plant or facility, being able to understand and effectively communicate during the audit process is paramount.
Recently, U.S. Translation Company was hired to send an interpreter to an on-site audit of a medical device company trying to register a product to sell in the Japanese market. The job specifically required a French-to-Japanese interpreter who had working knowledge of the medical device and pharmaceutical industry.
Audits can be extremely thorough and--depending on which countries are involved--very specialized in terms of languages used, working knowledge required, and translation services rendered. Pharmaceutical manufacturers and medical device companies can be heavily scrutinized with the slightest misstep meaning the difference of product registration or denial. This can translate into a big contract, or millions in potential revenue lost.
More than ever global markets are opening up in unprecedented numbers, in sectors previously closed off to certain geographical regions due to politics, trade agreements and technological restraints. Things in the worldwide marketplace are changing at an exponential pace, and being able to effectively communicate with razor-sharp precision can be the difference in breaking ground, or being left behind.
