Medical device giant Covidien is doubling down on emerging markets, expanding an investment program that the company had, at one point, thought would be over by the end of 2013.
"We are still, in my estimation, under-invested in places like Brazil and South Africa, Mexico as well," Covidien president, CEO and board chairman Jose Almeida said during an interview at the Deutsche Bank Health Care conference late last month. "Despite the fact that we have good investments and good growth in all these businesses, you’ve got to be able to be there in all categories of hospitals."
The Massachusetts medical device maker is below $2 billion in revenue from emerging markets, but hopes to hit that target "as soon as possible," Almeida added.
Broadening its reach in emerging markets is 1 of the "pillars" Almeida cites as Covidien’s ongoing growth strategy, alongside research & development in new technologies, owning a specialty and strategic mergers & acquisitions.
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