Medical Device Industry Development Report: National market potential along the B&R

  Recently, the "Blue Book of Medical Devices: China Medical Device Industry Development Report (2018)" issued by the China Drug Administration Research Institute and the Social Science Literature Publishing House in Beijing stated that since the "B&R" initiative was proposed in 2013, the demand for medical device products in China has increased along the "B&R".In 2017, the trade volume of medical equipment between China and China along the “B&R” reached US$6.361 billion, an increase of 7.7% compared with the same period, accounting for 15.12% of the total foreign trade of medical equipment in the world during the same period.

  According to the report, since the “B&R” initiative being put forward for more than five years,it has been reaffirmed by many countries.Its peaceful development and common development concept of mutual cooperation, co-construction, sharing and win-win have been recognized and promoted in Asia and other regions outside Asia. Liberalization and facilitation of trade and investment with the state, strengthening two-way investment with other countries, and creating new highlights of cooperation have provided an opportunity for regional and sub-regional international cooperation.Chinese medical device companies should seize the opportunity to choose a new model of “go oversea together” to complement each other and diversify the risk of overseas investment, jointly explore overseas markets, and bring products, services and brands from China into more countries along the “B&R”.

  According to the report, in 2017, there were 16,768 enterprises in China carrying out medical device business operations along the “B&R” countries, an increase of 12.22% over the same period of last year, an increase of 4,213 compared with 2013, indicating that the countries along the “B&R” have leaded to more domestic Corporates concern.At present, most of the enterprises involved in the operation are private enterprises. In the construction of “B&R”, private enterprises are the main force and the new force. The export volume is US$3.036 billion, accounting for 67.83%.

  According to the report,the “B&R” constitutes an international medical and health industry market with great potential. It not only brings together medical resources at home and abroad, but also attracts a large number of medical and health industries at home and abroad to participate.China's medical device companies want to make breakthroughs in the national markets along the “B&R”, the primary task is to achieve a benign integration with local society, culture and the rule of law.

  The report also proposed a number of strategic recommendations: First, to achieve localized management, build a localized talent team and management system, conduct scientific research and academic exchanges with local medical groups, strengthen brand building, and lay a good foundation for successful opening of the local market.The second is to grasp the local conditions and needs, to carry out research and development with demand, tailor-made products and services for different markets; the third is to strengthen cooperation with the local government and enhance mutual trust between the local government and enterprises.