In our recent fireside chat: “Maximizing Medtech Margins: Strategies to Reduce Foreign Exchange Costs and Volatility and Break Free from the Big Banks,” Robert Bast, a seasoned industry expert, offered invaluable insights into the challenges faced by medtech manufacturers and distributors in navigating currency exchange complexities.
What struggles do medtech manufacturers and distributors face around currency exchange?
Here are key takeaways:
Banks’ Exorbitant Charges: Financial institutions are imposing hefty fees, intensifying financial strains on businesses.
Navigating Currency Exchange: Manufacturers and distributors struggle with high fluctuations in exchange rates, directly impacting margins and order flow.
Global Competitiveness: Suppliers find it increasingly challenging to uphold competitiveness across global markets as currency exchange costs erode margins, leading to strained distributor relationships.
Industry Concerns: A recent survey of over 5000 global distributors revealed that nearly 80% are deeply concerned about rising foreign exchange costs over the next three years, with a majority expressing frustration over the lack of viable solutions.
Addressing the Challenges: myCaribou’s FX & Payments Solution
myCaribou provides a medtech-specific FX solution designed to tackle the challenges identified in the video:
Cost Savings: Save up to 5% on foreign exchange conversions, including USD, Euros, and 30+ other currencies.
Rate Locks with No Collateral: Enjoy locked FX rates for up to 350 days with no need for collateral or minimums, providing stability in planning and budgeting.
Working Capital Improvement: Improve working capital immediately, addressing the survey’s concern about lost purchasing power and working capital constraints.
Hedging Tools for Currency Volatility: Shield your margins from currency volatility with myCaribou’s hedging tools, ensuring peace of mind in an ever-changing global market.
Medtech-Specific Rates: Responding to the survey’s call for industry-specific solutions, myCaribou offers unbeatable rates tailored to the unique profile of medtech manufacturers and distributors.
Achieve significant savings and experience financial security with myCaribou’s Foreign Exchange (FX) solution, a groundbreaking tool that eliminates FX volatility, built specifically for the Medtech industry!
Join myCaribou today for free and access real-time competitive rates, and safeguard your margins from the uncertainties of currency volatility. Book a meeting to learn more about how myCaribou is reshaping the landscape of medtech currency management.