China’s medtech market is expected to grow rapidly in the years ahead, becoming the second-largest global market for these products by 2020..
Both multinational corporations (MNCs) and local companies appreciate the need to tailor their product portfolios and their sales and marketing efforts to the Chinese market. What may not be apparent to them, however, is the urgency and speed of the change required. The rules in China are evolving rapidly—necessitating a dramatic and forceful response.
MNCs must move beyond the premium segment with an increased focus on a midmarket portfolio that meets the needs of health care providers and patients in China. At the same time, an offensive in the midmarket can’t come at the expense of maintaining leadership at the premium end. All serious players in China also have to manage government affairs carefully. Stronger skills in this area will help medtech companies shape regulatory policies on product registration, pricing, and compliance.