Contributing factors include a change in lifestyle, an increase in wealth, and chronic infections in rural regions.
Companies recruiting Asian executives need to do double the due diligence than is customary for hiring a Western executive.
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.
Acquisitions and joint ventures with Asian medical companies can provide many advantages for Western firms looking to grow their businesses in Asian medical device markets.
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.
China’s rapidly expanding cancer market provides many opportunities for Western medical device companies.
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.