China Vs. Medical Devices
China is one of the most looked upon market for medical devices, and is recently in talks for numerous reasons. Below is content featuring some major highlights:
1. Chinese government stressing hospitals to buy primarily from domestic manufacturers.
2. Amendment in Chinese CFDA import regulation ,which includes clause of quick approvals.
3.Tariff relaxation on series of technologies including medical devices.
According to articles featured by various regional and global medical device media houses, we understand that Chinese government is on path of promoting domestically manufactured medical devices. While purchase of domestic manufactured medical devices was always on the list of small hospitals, larger hospital walking on the same lane will be new to industry viewers, mainly on the account of 80 % of their current purchase mapped to foreign imports. Maximum hit will be imaging market which is dominated by global players such as GE , Philips and Siemens, who will now have to compete with regional players.
Second feature that we will discuss here is reduced time frame for CFDA import registration. While country’s inclination towards regional or global manufacturers remains myth, we sure can see a pull , both in favor and against bigwigs of med tech. While the time frame for CFDA import registration been scaled downed at one end , Government push in para 3 speaks of different scenario. Nevertheless it is still something for medtech giants to look into. Further amendment also extends registration time frame from 4 to 5 years. Amid all these support facts their are some hidden challenges that medtech’s must not overlook, which is need to get device into market on single submission. Failure of device approval on first go can emerge as serious concern, as second filling or refilling would not be taken in good spirits by regulatory agencies.
Third outline of the content revolves around relaxed tariffs on technologies including medical devices which was recently posted by some leading media houses.This is very important move which is likely to promote increased trade of medical devices in coming days.
Time alone will tell how this relationship between Beijing and Washington will work out. But regulatory and other trends has given a lot for medtech OEMs to think about their future strategies in Healthcare, particularly for Emerging region’s hot bed : China
Content Outline From: Fiercemedical and Wall Street Journal