Troy Laboratories grows export business for the long term
17 November 2021
Troy Laboratories’ export business is going from strength to strength. After finding new partners in new markets, the veterinary pharmaceuticals manufacturer has seen exports grow 20% each year.
The company’s success is thanks to both Austrade and the NSW Government. Together the entities worked with Troy Laboratories to review and refocus its export journey. They provided market insights and partner information, and organised interviews.
As a result, Troy Laboratories secured a new direction. It refocused on growing its Middle East markets – especially Dubai, Abu Dhabi and Saudi Arabia. The company continues to work with Austrade and the NSW Government to get the right registrations for its products, as Food and Drug Administration rules are exacting, and some continue to change.
A new focus on growing exports for the long term
Troy Laboratories is an Australian-owned company with a 60-year history. It is a veterinary pharmaceuticals manufacturer that services the needs of animal healthcare communities nationally and internationally.
The company’s products include prescription and over-the-counter pet and animal pharmaceuticals. It has large laboratory, warehousing, and administration facilities in a state-of-the-art site in Greater Western Sydney.
Troy Laboratories also has real capacity to scale up. It is committed to R&D and ongoing investment.
That was where Export Manager Craig Shepherd came in. Around 4 years ago, Troy Laboratories created a new role focused only on export. Although the company was already in a few markets, they were opportunistic.
Shepherd found that many of Troy Laboratories’ international partners and distributors were just maintaining the existing business. He wanted to grow that business for the long term. Although domestic growth was rapid, between 7-10% year on year, Shepherd wanted to exceed that in the export markets, some of which were stuck at little or no growth.
Austrade helps find new partners in new markets
To do this, according to Shepherd, the company needed a strategic approach.
‘I needed to develop existing customers. Find new ones. Grow new markets and find new partners,’ he explains.
Shepherd says his biggest issue was getting the right partners who could open up new markets. They also needed to actively find new customers for the company’s products. That would be key.
‘That’s where Austrade came in,’ he says. ‘When they contacted me, I told them I was sceptical because of a previous negative experience.
‘Well, they kicked into action. I became extremely impressed with their professionalism and level of commitment. Their communication was excellent, and their recommendations were very helpful.
‘We were looking at expanding our Japanese and South Korean presence. However, with Austrade’s market knowledge on the long-term growth in those markets, we agreed to refocus on the Gulf area.
‘I was very busy and left the initial discovery work to Austrade. The team regularly updated me with information I found extremely useful. This included the growth potential for both the pet and large animal sectors, including horse and camel racing stables. They also provided a shortlist of potential new partners to interview.
‘Austrade gave me detailed information about these candidates and arranged the appointments.’
One of the issues was to replace the existing distributor. That was not easy. It ended up being referred to the authority as a ‘dispute’.
‘Ultimately, I needed to call on government-to-government diplomacy to resolve the issue,’ says Shepherd. ‘I am pleased to say that fixed the problem.’
A growing export business
Today Troy Laboratories exports to 15 countries across the Middle East and Asia, as well as Chile. The export business is growing 20% each year and has created 10 new jobs in Australia.
‘There’s a lot more opportunity out there,’ says Shepherd. ‘I am now confident to ring up one of the Austrade team on the ground, and I know they will help me overcome any hurdles.
‘I trust them. And if I need to, I can also call on the NSW Government who also continues to be extremely helpful.’
Go further, faster with Austrade
Go to Austrade export services to learn the basics, find the right markets and understand market requirements.