Article preview from IN VIVO - June, 2012
Many other industries underwent a similar globalization process a decade ago and essentially reinvented their approaches for the mid-tier of fast growing economies. We believe medical device MNCs can leverage many components of these strategies. Although each industry has unique dynamics and none are perfect parallels, we have focused on the similarities where we believe significant lessons can be learned.
Article preview from IN VIVO - June, 2012
Device companies are trying to figure out successful formulas to sell in emerging markets. Instead of reinventing the wheel, here are several approaches that have worked well in other industries.
Emerging markets are widely recognized as one of the most important growth frontiers for medical devices. However, multinational players are still trying to unravel the nature of each market and the exact winning formula for success. To date, most multinational companies (MNCs) have focused on the premium customer segment with pre-existing products and commercial models, but we believe the next wave of growth will be in the largely untapped mid-tier of these markets. Emerging markets are experiencing a rise of their middle class, increased access to care and new feature versus price trade-offs that will require rethinking existing strategies and business models.
Many other industries underwent a similar globalization process a decade ago and essentially reinvented their approaches for the mid-tier of fast-growing economies. We believe medical device MNCs can leverage many components of these strategies. Although each industry has unique dynamics and none are perfect parallels, we have focused on the similarities where we believe significant lessons can be learned.
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