Utah Medical Company Maxtec Receives National Recognition for International Success
SALT LAKE CITY – On May 23, 2019, the U.S. Department of Commerce awarded Utah-based medical device company Maxtec with the 2019 President’s “E” Awards in recognition of their organization’s exceptional export growth over the last year along with 48 other U.S. companies. The President’s “E” Award, created in 1961 through an Executive Order by then-President John F. Kennedy, is the highest recognition a U.S. entity can receive for making a significant contribution to the expansion of U.S. exports.
Maxtec has been a leader in oxygen analysis and delivery products for more than 15 years. They provide a full line of replacement oxygen sensors and SpO2 probes compatible with all major medical and non-medical applications in the market. Recently, Maxtec has successfully expanded its sales into India, China, South Korea and the UAE by leveraging opportunities made possible through World Trade Center (WTC) Utah.
“Maxtec’s successful international sales and relationships expansion is a premier example of what Utah has to offer,” said WTC Utah president and CEO Miles Hansen. “Their success is not a coincidence. It is the result of a continual process made possible by a well-developed business model and strategy. This includes utilizing resources that are available to Maxtec and other Utah businesses looking to grow internationally.”
To help Utah companies achieve their international goals, WTC Utah administers grants, organizes international trade missions and leads state delegations to trade shows in foreign markets. These opportunities allow companies to grow into new markets.
“Working with WTC Utah and utilizing the resources they offer has played a substantial role in the international success Maxtec has realized over the last couple of years,” said Carl Luft, Director of Business Development at Maxtec. “We have taken advantage of their grants and foreign networks to fund travel to new countries and engage with targeted markets. Additionally, we have utilized their training and counsel directed towards strategic planning, increasing exports and overcoming international barriers.”
As a recipient of State Trade Expansion Program (STEP), a grant funded in part through the U.S. Small Business Administration, Maxtec has participated in three international trade shows, including Arab Health 2018 in Dubai, the MEDICA 2018 Trade Fair in Düsseldorf, and the BIO KOREA 2019 International Convention in Seoul. “Through STEP, Maxtec is able to showcase their innovative products to an otherwise unavailable audience,” said WTC Utah Grants Manager and STEP Project Director Nicole Sherwood. “Additionally, these international opportunities allow Maxtec to offer first-hand training to hospital staff and sales reps, make connections with regulatory consultant companies and identify current and upcoming trade barriers.”
While at the MEDICA 2018 Fair on a WTC Utah-administered STEP grant, Maxtec achieved significant product sales and expects its annual sales to grow more than 10%, primarily with expanded sales to India, Japan and China. Their success continued last April at BIO KOREA with sales from this event projected to reach $250,000 by year-end. “For anyone looking to expand into foreign markets, regardless of what stage they are in, WTC Utah can certainly offer value,” said Luft.
On June 11, Maxtec hosted David Glaccum, U.S. Small Business Administration Associate Administrator at the Office of International Trade. Glaccum, who was in Utah for Salt Lake Community College’s launch of the new Global Trade Center, met with top executives at Maxtec’s headquarters and learned how STEP has radically increased Maxtec’s international sales. “Maxtec is a great example of how SBA programs can help small businesses reach global markets,” said Glaccum. “We look forward to our continued partnership with Maxtec as we watch them grow internationally.”