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PwC: Medical technology companies looking to emerging markets
July 4, 2012
By Rob Starr, Content Manager, Big4.com
According to a major study co-sponsored by PwC US and published today by Axendia, Inc, Medical technology companies looking to grow globally are finding that one approach does not fit all markets, and they are developing customized growth strategies to penetrate emerging markets, with products tailored to unique local market needs.
As a result, companies competing in emerging markets are seeking to leverage cost and quality as a competitive advantage, and are pursuing a multichannel approach to respond to market needs, the study found. They are offering a range of products that include both brands with advanced functionality and brands with a reduced set of features at a lower price point.
The report shows that medical technology executives share concerns like the fact that three in five (59 percent) are worried about their ability to maintain consistent quality standards across internal and external sites, and two in three (68 percent) perceive moderate to high risk based on their current visibility into critical suppliers and most executives want greater insight into their global supply chains, with nine in 10 executives saying they would like access to real-time data and on-demand data from critical suppliers, contract manufacturers and other tier 1 suppliers.
Wynn Bailey, pharmaceutical and life sciences advisory services partner, PwC comments:
“Globalization is the byword for medical technology companies these days – and for most companies going ‘global’ means going to emerging markets. However, succeeding in emerging markets is not simply a matter of expanding operations into these countries,” says Bailey. “Leading companies are developing tailored supply chain strategies that are designed to respond to the unique needs and expectations of each particular market, thereby giving them the best chance to succeed in realizing their growth ambition.”