Chinese Medical Device Market has many Pitfalls

According to analysts at Millennium Research Group (MRG), success in the Chinese medical device market depends on balancing risks such as the complex tendering process used by hospitals and the rise of domestic competitors against the real opportunities of this growing market.

MRG researchers have produced The Chinese Medical Device Market Landscape as a comprehensive guide for medical device manufacturers seeking to enter the Chinese device market. The report also includes our proprietary assessment of Chinese hospitals.

Among specific issues covered in this report:

• Approval process: Device approval is the first step in penetrating the market. The process can be lengthy. The report provides a comprehensive guide, from device classification to final application submission.
• Healthcare infrastructure: The different tiers of Chinese hospitals have widely differing needs. The report gives a complete picture of Chinese healthcare facilities and the services each provides.
• Reimbursement: Profitability depends on adequate reimbursement. The report details the requirements for being on the Medical Device Reimbursement List (MDRL) and the key factors affecting reimbursement rates.
• Distribution: Domestic distributors are often the best option for foreign manufacturers seeking to market medical devices in China. The report explains the various distributor types, the criteria for selecting a partner and the effect of distributor fees on selling prices.
• Tendering: Chinese hospitals are required to purchase medical devices through a bidding process. The report provides an understanding of the tendering process and the central procurement system used for large-scale purchases.
• Special Feature: Hospital Assessment

The report also provides MRG's proprietary assessment of over 350 hospitals in China, including relative penetration of various procedure types by hospital tier and public/private status.

"The Chinese government is making significant changes in both the organizational structure and the funding of its hospitals over the next ten years," said MRG Vice President Adrienne Lovink. "The competitive landscape there is in a continuous state of flux. This report is an invaluable guide for anyone seeking to enter or expand a position in this huge and active market."

The Chinese Medical Device Market Landscape covers all major drivers and influencers on medical device purchase decisions, and is available now.