To overcome these challenges, companies can adopt several strategies:
Collaborations and Partnerships: Partnering with local firms can provide market insights and regulatory guidance, reducing entry barriers. Investing in R&D: Continuous investment in R&D can lead to innovative products that meet specific market needs. Customization: Developing customized solutions for different markets can enhance acceptance and adoption. Efficient Supply Chain Management: Establishing a robust supply chain and local manufacturing units can reduce costs and improve efficiency.
