Hong Kong, Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Vietnam
The various other Asian countries are extremely diverse, and their medical markets are at different levels of development. Pacific Bridge Medical’s market research consultants can identify which of these Asian markets are best suited for your medical product. Just because your product sells in Korea does not mean it will be successful in Indonesia, so careful and thorough market research is necessary.
We will conduct extensive primary and secondary market research to determine whether there is a demand for your company’s medical product in your target Asian market. The research scope may include an assessment of the market (e.g. size, pricing, growth rate, etc.), competitor analysis, doctor surveys, or other issues, tailored to your company’s specific needs.
Strategic Factors for Medical Market Research in the Asian Markets:
- Keep Up with Supply and Demand
As rapid economic and population growth sweeps these Asian countries, will you be able to keep up with changing economic conditions? It is important to keep track of how fast the country’s medical industry is growing and how you can time it so that you will enjoy profitability. The Asian countries are becoming increasingly affluent, which means that there is an expanding market for more sophisticated medical products. Exploring the market through in-depth market research is important so that you know how to position your product, which consumer segments will be inclined to purchase them, and how you can improve your products going forward.
- Cultural Differences Mean Business Differences
Another point to consider is how doing business in Asia is unlike doing business in the U.S. You might ask: how will laws and regulations limit my potential? Will domestic manufacturers compete on the same level as foreigners? It is critical to acknowledge that these differences are very real, and that they may at times curb growth. Nevertheless, recognizing these cultural disparities is the first step towards overcoming them. The power of knowledge – through asking the appropriate questions, communicating with local experts, and overall professional market research – is a timeless instrument towards success.
- Local Market Research Firms May Not Always Be Credible
Due to market researchers not always having proper training on tools and market trends, it may be challenging to collect data in the Asian countries. Ensuring that your local resource is providing you with truthful, up-to-date information is a task that is tough to make certain.
Gaining a competitive advantage in market research can put your company at the forefront of the industry. PBM can provide guidance through studying the market structure and identifying potential growth openings for your products. We will follow the steps listed below to provide you with the finest service:
- We will listen: We will begin our partnership by working side by side to fully take note of what your company is hoping to gain. We will work with you to develop questions for surveys and interviews, and help to create an overall game plan to meet your end goals.
- We will carefully interpret messages: Language barriers can be one of the most problematic obstacles in doing business overseas. Our team will make sure that no specific inferences or undertones are lost in translation.
- We will get in touch with helpful contacts: Our team on the ground will reach out to physicians, representatives in hospitals and governments, and other Key Opinion Leaders (KOLs) to gather relevant opinions.
- We will analyze the results: We will present our conclusions, provide relevant statistics and market indicators, and offer solutions for addressing specific problems that your company may encounter in your target Asian market.
Contact us to learn more about market research in Asia and how Pacific Bridge can support your company’s operations abroad.
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