Is China the new frontier for medical equipment manufacturers?
The Chinese government intends to invest more time and money into its own medical manufacturing to take on global companies such as General Electric, Philips and Siemens, whom currently have a 70% share of China's medical manufacturing market. China implemented a plan called "Made in China 2025", which aims to upgrade Chinese industries to help it become a global manufacturing powerhouse. However, China faces many obstacles such as expensive equipment and a bad health care reputation, though specialists are hopeful for the industry's future in the long run.
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At present, the country has a huge demand for health care, according to a June report by the Center for Strategic and International Studies (CSIS) Horror stories abound of Chinese citizens at their wits' end over coverage. One headline, from a 2014 Time article on the subject , shows just how critical getting care can be: "This Man Amputated His Own Leg: That’s How Bad China’s Health Care Crisis Is."As the nation focuses on expanding access and increasing affordability of care for its huge populations, however, the dependency on foreign imports may be changing. It's part of a national manufacturing program known as "Made in China 2025," according to China Times "'Made in China 2025' is an initiative to comprehensively upgrade Chinese industry," according to CSIS. Its report noted that this Chinese program was inspired by Germany's "Industry 4.0" plan, adopted in 2013.Like the German effort, the core idea is to focus on so-called "intelligent manufacturing," which applies information technology to production, such as the Internet of Things, the networking of far-flung devices, to permit global production and innovation both for efficient mass production and customization.“If we cannot make products with good quality and brands, China cannot become a manufacturing powerhouse as we hope,” said Sha Nansheng, vice director of the Department of Science and Technology of the Ministry of Industry and Telecommunication Technology (MIIT), which led the creation of the “Made in China 2025” plan, according to Marketwatch Chinese brands are meant to get a boost from this new policy to both increase their quality and make them competitive with the big foreign manufacturers, especially in the production of high end gear like MR systems and CT scanners.At present GE, Philips, and Siemens have a 70 percent share of that market, according to China Times, adding that foreign brands currently supply 80 percent to 90 percent of all high-end medical equipment in the country.