Although the U.S. and Europe remain important drivers of Medtronic’s ongoing success, emerging markets may be the "the most important ones," according to medtech industry monolith Medtronic’s CEO Omar Ishrak.
Emerging markets have figured large in Ishrak’s vision from the moment he took over as CEO for the medical device giant last year, especially in China, which makes up about 40% of Medtronic’s emerging-market sales, he told CNNMoney.
As one of the fastest-growing medtech markets in the world, China has attracted global investors and medical device industry titans, but Chinese device makers need to step up quality and innovation to make the China “the next IT industry,” according to local analysts.
By Stewart Eisenhart, Emergo Group
The State Food and Drug Administration (SFDA), China’s medical device market regulator, will begin requiring all outside labeling and packaging of devices to be provided in Chinese starting in April 2013.
Medtronic purchased a 19% equity interest in LifeTech for about $46.6 million, adding to that a $19.6 million convertible note purchase, representing a total of a more than 26% stake in the Chinese firm.
The Resolute Integrity DES was the 1st device of its kind approved for use in patients with diabetes in addition to coronary artery disease, which makes up about ⅓ of all those with CAD.
A pair of medical technology lobbying groups joined forces on a series of initiatives designed to reduce trade barriers between China and the U.S. and "harmonize international standards for medical devices."
The Medical Imaging & Technology Alliance and the Advanced Medical Technology Assn. last week led a 2-day standards workshop during the U.S.-China Joint Commission on Commerce and Trade Pharmaceuticals & Medical Device Subgroup meeting, according to a press release.