Boston Scientific (NYSE:BSX) is looking to stimulate its China division through a series of acquisitions and a workforce boost that the medtech giant hopes will help it claim a bigger part of the Chinese market.
Boston Scientific has already taken steps to expand its reach in China. It is building relationships through doctor-education centers across the country and earlier this year opened an innovation center in Shanghai.
The company further plans to add over 100 workers to its base in China over the next year, a 24% boost over its existing workforce, according to a Wall Street Journal report.
The Natick, Mass.-based company’s latest moves fall in line with the its 5-year plan to widen its business in China, announced in 2011. The goal, a company representative told the Journal, is to boost annual Chinese sales by 30% in the next 5 years.
Boston Scientific has also been designing products that address rising healthcare issues important to their Chinese consumers, including respiratory issues and gastrointestinal problems.
The company in 2012 brought in former Johnson & Johnson (NYSE:JNJ) China manager Warren Wang, naming him vice president and managing director for operations. In addition, the company won Chinese FDA approval for its Alair bronchial thermoplasty system in October.