Focusing On Emerging Markets Can Help Boost Medical Device Sales
High-performing companies are realizing the potential for medical device sales in untapped emerging markets. Moving beyond the North American borders, however, is easier said than done. It?s a long and hard process, not to mention expensive.
Compared to many other industries, the medical technology industry has lagged in terms of seeing emerging markets as key to future growth, according to an article on the IndustryWeek website.
Until recently, the U.S., Western Europe and Japan offered the greatest rewards for medical device firms, but now those rewards are shifting into emerging markets ? not only the BRIC countries (Brazil, Russia, India and China) but also Turkey, Mexico, Malaysia, South Africa and the Czech Republic. Industry leaders have taken note, making these new markets a strategic priority.
Most medical device companies have fewer than 200 employees and they started in the U.S. simply because it?s their backyard. They?re not aware of what it takes to grow their medical device sales outside of the U.S.
Clearly, the medical device industry was hit hard in 2012. More than 7,000 people were laid off. No wonder an article on the MassDevice website calls it ?the year of the layoff.?
Devices that improve healthcare efficiency dominate the Cleveland Clinic’s list of the top 10 