While China’s countryside has rudimentary healthcare, the major cities like Beijing and Shanghai have sophisticated health systems that are beginning to approach Western standards. The medical market in China is changing significantly as it grows; thus, performing accurate market research is an essential step in determining opportunities for success in China for your company’s medical product.
Key Considerations for China Medical Market Research:
- Demand and Sector Growth in China
Is there currently a demand for your medical product in China? How quickly is your medical sector growing? China’s overall healthcare needs are changing along with its population’s lifestyles. This means there is a market for increasingly common Western diseases ranging from diabetes to cancer. But where is the market niche for your particular product? In-depth research is necessary to fully answer these crucial questions.
- China’s Medical System and Key Opinion Leaders (KOLs)
How is China’s medical system set up? How do key opinion leaders (KOLs) in China feel about your medical product? Given the significant differences between the healthcare system and market demands between China and the U.S., speaking directly with local experts in the field and gathering comprehensive market intelligence is a vital step. However, it is important to know the right targeted questions to ask the KOLs. Questions that make sense in the West may not be applicable to Chinese doctors and the Chinese healthcare system.
- Lack of Competent Market Research Firms
Many market researchers in China do not have adequate training or experience; therefore it can be difficult to conduct valid market research in China.
Pacific Bridge Medical can assist you with analyzing the market situation and opportunities for your medical company in China. We will take the following steps to speak directly with local experts in the field and gather comprehensive competitive intelligence:
- Clarify your needs: We collaborate with your team to fully assess your requirements and work with you in preparing adequate survey or interview questions specific to your company’s needs.
- Document translation: We can translate surveys or questions to ensure that specific connotations or implications are not lost in the translation process.
- Contact key stakeholders in China: Our local China office will reach out to Chinese government representatives, the CFDA, hospital staff, and KOLs to obtain first-hand opinions.
- Data evaluation: We interpret the data in our findings and present our analyses and recommendations for how you should proceed in the China medical market. We can contact the China Food and Drug Administration (CFDA) or the Ministry of Commerce to incorporate their perspectives and attitudes. We also reference statistics or China health market indicators to provide you with a thorough understanding of the market.
For more information about how our consultants can help your medical company with market research in China, contact us today.
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