Everyone knows that the Chinese market is growing very quickly and there are many opportunities available. However, Western medical device companies face strong competition from China’s own domestic medical device market. Foreign device firms interested in expanding in China should take the following key issues into consideration:
- The Chinese government is financially assisting local, home-based device companies.
- Innovative devices made in China can receive fast track approval.
- Chinese hospitals are encouraged to buy locally made devices.
- Reimbursements for devices are relatively low; out-of-pocket pay is normally required for foreign-made products.