Medical Device Link.

Originally Published MX September/October 2004

MARKET ANALYSIS

Every international executive has come to appreciate the fact that the English language enjoys recognition worldwide. In respectful exchange, the U.S.-based medtech company leader can display a common understanding of the language of the local healthcare system and of healthcare politics in a target-market region. This will very likely appeal to the hearts and minds of prospective distributors, healthcare agencies, and customers in underdeveloped markets.

Business development efforts in overseas developing markets will be well served by a thorough understanding of the following aspects of any national market:

• Public health issues.
• The organizational structure of the healthcare system.
• National health funding.
• Healthcare priorities.
• The status of healthcare reform.
• The role and political focus of the ministry of health.
• Trade partners.
• The health insurance system and payment options.
• Health expenditure as a percentage of gross domestic product.
• Physician compensation.
• Industry lobbying groups.
• Demographics.
• Political parties and their healthcare agendas.
• Leading causes of death and other major health issues.
• The authority and value of healthcare providers in the healthcare system.
• The status of healthcare institutions.

Knowledge of these issues will provide company decision makers with a strong foundation for defining an appropriate market strategy, while preparing manufacturers for actionable discussions with potential healthcare allies or distribution partners in each of their target markets.

Copyright ©2004 MX