German Centre Beijing organized the first hybrid seminar in the China MedTech 2023 series: China\u2019s MedTech Market \u2013 Key Trends and Developments.<\/p>\n<\/div>
China is a big and fast-growing market for the global MedTech industry. Healthcare expenditure could more than double this decade if the government\u2019s Healthy China 2030 plan stays on track. This provides huge opportunities for international MedTech players. At the same time, various uncertainties such as a changing regulatory environment, increasing competition and updates of the government\u2019s procurement system are likely to continue. MedTech companies need to rethink their strategies and operations in response to market dynamics and develop specific strategies and unique selling propositions to be successful.
\nTwo MedTech experts provided an overview on key market trends and shared firsthand China business experiences and insights on growth strategies of German MedTech SMEs in China.<\/p>\n
Mike Hofmann, Managing Director, Melchers China in Beijing and Chairman of the Board, Koehler Pharmaceuticals Beijing Ltd., gave a market overview and described latest trends in the MedTech sector. Based on case studies on cardiology and neurology MedTech providers, Hofmann gave recommendations on best practice expansion strategies. It became clear that companies can only fully understand and grasp the market opportunity with people on the ground. Local production and product adaptation are becoming increasingly important<\/strong>. The dynamic and complex Chinese market consumes high financial and management resources, legal and regulatory conditions change rapidly, and companies need to develop market intelligence and regularly review<\/strong> their China strategies. Local partners can make a decisive contribution to success and enterprises should place high importance on government relations and regulatory issues.<\/p>\n<\/div><\/div><\/div><\/div><\/div>Trend industries<\/h6><\/div>Growth market for international technologies<\/h3><\/div>China has become the second-largest medical device market<\/strong> in the world, and it can be expected that fast industry growth continues (CAGR 2021-2025: 8.2%), driven by lifestyle and demographic change, policy and reforms. International technologies have good prospects in fields such as diagnostic <\/strong>and imaging equipment, in vitro diagnostic equipment, diverse therapeutic products, orthopedics equipment<\/strong>, or dental instruments<\/strong>. However, there are also various challenges and market barriers, like increasing price pressure due to the launch of volume-based procurement, increase of local competitors, or time-consuming and costly product approval procedures.<\/p>\n<\/div><\/div><\/div><\/div><\/div>Successful business with adapted market strategies<\/h3><\/div>Markus M\u00fcller, Vice President Sales & Services, WEINMANN Emergency Medical Technology GmbH, presented growth strategies of a German MedTech SME in China, which provides innovative high-tech products for emergency medical services. Since the founding of the Chinese subsidiary in 2006, WEINMANN developed a tailored market-specific strategy to provide various emergency medical solutions such as transport ventilation, defibrillation, and monitoring devices. Key steps to realise constant growth of market shares included the establishment of a nationwide sales network, conclusion of a joint venture agreement with a local manufacturer and distributor in 2021 and the start of local production this year.<\/p>\n
M\u00fcller also shared insights on key challenges for international MedTech players, such as a quickly changing regulatory environment, effects of policies and regulations focusing on local procurement, protection of intellectual property rights, and an increasingly competitive landscape. However, he emphasized that market size is still growing and open for new technologies<\/strong>. Enterprises need to be present in China, including people from German headquarters, and they need to develop market-specific strategies and unique selling propositions. The Chinese market is and will remain an important growth driver for WEINMANN Emergency Medical Technology.<\/p>\nThe keynote speeches were followed by an interactive Q&A session that made clear that international companies from the MedTech sector are facing similar challenges to be successful in the Chinese market. We are happy to provide a platform for exchange of best practices from businesses for businesses.<\/p>\n<\/div><\/div><\/div><\/div><\/div>
A huge thank you goes out to the speakers of this seminar.<\/h4><\/div>- <\/i><\/span>
Mike Hofmann, Managing Director, Melchers China in Beijing and Chairman of the Board, Koehler Pharmaceuticals Beijing Ltd.,<\/div><\/li>
- <\/i><\/span>
Markus M\u00fcller, Vice President Sales & Services, WEINMANN Emergency Medical Technology GmbH,<\/div><\/li><\/ul>
and all participants.<\/p>\n<\/div>
This seminar is part of the seminar series China MedTech<\/strong>, organized by German Centre Beijing<\/strong>.<\/p>\nPlease click below for details.<\/p>\n<\/div>
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