What I learned was one of the most important parts of understanding of global business and markets is the cost is EVERYTHING.
My group is working on a product called the ‘Handy Bandage’ which is a modified bandage designed to help prevent infection of trauma wounds while the patient is being transported to a medical facility. The product has a starting target market of the developing world and in this case, specifically India.
As apart of our research for the product market, my group visited a few hospitals to see what types of products are used now to help prevent infection in these specific types of wounds and to inquire about their costs. In these interviews with doctors, we learned that the price of the product would be valued in rupees not dollars because dollars are waaaaay too expensive for a product like this to even enter the market. We also learned that this product would be completed with a lot of commonly used home remedies such as using turmeric as an antiseptic powder and dehydrating agent (helping blood clots form). Turmeric is commonly used because it is a very cheap household staple that does the trick just fine.