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Mdeical Device Markets And Industry Essay

2959 words - 12 pages

Rationale/Introduction
Since the world medical device markets have been growing rapidly, the medical device manufacturing has been becoming an emerging industry with good prospect. According to the analysis of Chinese medical product industry, the global sales revenue of medical products has grew from 187 billion USD in 2001 to 355.3 billion USD in 2009, of which the growth rate has exceeded the global GDP’s. Over the past two decades, China has had a massive impact on the medical products market due to the open-door of the market supply for China. As the emerging hi-tech manufacturer, Chinese brand medical products have been gradually accepted by the international markets for their emerging new technology and better quality. China plays a more and more significant role in the international medical products market. This development attributes to the internationalization of the Chinese medical products industry that involved the integration of the Chinese domestic market into the international markets.

The latest figures show that the medical apparatus manufacturing has been shifting to China, China is expected to be the world manufacture of medical apparatus. It matches the reforming point of Chinese industry, which is developing from labor demanding manufacturing to technology and innovation-oriented areas. The figures in analysis of Chinese medical product industry show that the export of Chinese medical products succeeded in trade surplus from the year 2005, which contributes tremendously to the overall Chinese export revenue.

In many cases, motivation to gain access to industrialized markets and to gain access to superior technology, management resources and knowledge are the most driving factors of the Chinese medical products industry to go internationalized. The reasons and strategies for the internationalization of Chinese medical products enterprises have drawn some Chinese researchers’ attention due to its emerging market with great potential appreciation. Most of them merely focused on the strategy of Chinese medical devices’ export. They also find many barriers that Chinese medical device enterprises are faced because it has much more policy barriers than other industry when entering a foreign market, such as FDA registration, certificate from the embassy, therefore, the knowledge of proper strategies that should be taken to overcome those barriers are essential to the internationalization of Chinese medical device industry. However, rare studies have a systematic research about the internationalization strategy of Chinese medical devices industry.

In this study, the term 'internationalization' is defined by Welch and Luostarinen (1988), as the process of increasing involvement in international markets'. Internationalization strategy is referred as an umbrella term to represent the broad range of strategic options open to the firm in its international business, such as export, FDI and strategic alliance (Lu & Beamish, 2001). The...

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