New innovations should be based on customer needs
REACH Regulation contributes to product safety
Safety and sustainability must and can coexist
Consumers need information about chemicals
Chemistry and consumers – how to get fuller picture?
OPCW works with chemical industry to ban weapons
Natural resources an opportunity for Finland
What the figures tell us
Juhani Sormunen: REACH leads the way for future regulatory systems
Ilkka Niiniluoto: Academic contributions for better life
Energy and water exercise HCF participants’ minds
Sustainable development needs a global approach
Financial crisis can also create new opportunities
The Competitiveness and Innovation
session at the Helsinki Chemical Forum will explore the challenges of
the global financial crisis in the chemical sector. The moderator of
the session, Dr Dan Steinbock, is Research Director of International
Business at the India, China and America Institute.
"At the ICA Institute, we pay close attention to competition between industry rivals representing advanced economies and large emerging economies," says Dr Steinbock. "I look forward to the HCF and the session to find greater clarity on the competitive implications in the globalizing chemical industry."
"Due to the global financial crisis, traditional rules of competition are changing across industries. Because of the global linkages, both advanced and emerging economies will have to cope with these changes. However, the crisis also creates new opportunities which will be explored at HCF."
Dr Steinbock thinks that, at the broadest level, the overall impact of the global financial crisis will be reminiscent of a severe market stagnation. However, the crisis will also intensify competition and cooperation among the established leaders in advanced economies and the new challengers in the emerging markets.
"Overall, the crisis will promote the 'survival of the fittest," he says. "The crisis will cause shakeouts across industries, harvest weaker players and strengthen stronger ones. In the short term, it will slow the pace of innovation; but the smartest innovators will seize the opportunity to reinforce their R&D. In the long term, that will pay off."