Do your due diligence and make sure you have experienced, native boots on the ground.
Before pursuing product registration in Asia, a thorough review of the market is essential.
There are several steps you can take to protect your IP and avoid medical device piracy in China.
Companies recruiting Asian executives need to do double the due diligence than is customary for hiring a Western executive.
Japan is one of the largest medical device markets in the world, and there are several reasons you should consider pursuing it.
Most international medical device companies work with Asian distributors to sell their products in the local marketplace. Finding, qualifying, and signing up the right distributors is an important job since these distributors will sell your products locally. Another key aspect is who holds the registration.
There are great opportunities for foreign medical device companies in China as the people want better healthcare, the government is increasing access to healthcare, and the market is growing between 15 and 20 percent per year. But access to the marketplace is harder than ever. Why?
While a better understanding of Asian cultural issues is crucial, it is also important to realize that in the end, people are people, and everyone around the world shares common goals and desires such as job promotions, higher salaries, and a happy family life. If Western executives keep this point in mind, and have a good grasp of Asian cultural issues, their businesses in Asia will be much more likely to succeed.
While getting rid of the medical device tax is a key issue for many Western device manufacturers, perhaps a more important issue is global competition.
A good understanding of and appreciation for Asian cultural traits is essential to building strong relationships with Asian executives. Business in Asia will be more likely to thrive if a Western medical device executive is able to overcome these challenges.