Article preview from "The Gray Sheet" - March 18, 2013
Recent visits to Brazil by three medical device trade groups are telling of the opportunities there for U.S. device companies, in spite of barriers related to regulation, reimbursement and compliance.
Device Industry Sees Opportunities In Brazil, Despite Trade Barriers
Article preview from "The Gray Sheet" - March 18, 2013
Brazil has been a hot spot not only for sun-seeking tourists but, in recent months, for medical device industry trade groups also.
In February, representatives from AdvaMed, the Medical Device Manufacturers Association and the Medical Imaging and Technology Alliance all descended on South America’s leading economic power. On the one hand, they were exploring market opportunities, and on the other hand, they were seeking to reduce trade barriers to the nation.
Brazil’s $8 billion device market is now slightly larger than India’s $7 billion market size, and is second only to China, which has a $13 billion device market.
The Brazilian market is growing 15 percent overall, although private hospital demand for U.S. medical devices “seems to be growing much faster than that,” according to Ed Rozynski, MDMA’s senior international advisor, who recently led a business development mission in Brazil along with MITA.
But there are also challenges to entering the market, including regulatory inefficiencies. The industry groups said they made some progress on the recent trips, particularly in taking steps toward streamlining the process for good manufacturing practice inspections, which are holding up product launches in the country, they say.
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