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.
Welcome to the newest Medical Device Summit blog, “ Ameing for Asia .” This week’s inaugural blog lists 7 key reasons for Western medical device companies to enter and/or increase their presence in the Asian markets.