John Jarowski is a marketing consultant and public policy specialist living in Everett, Massachusetts. Mr. Jarowski has been featured in the pages of the Boston Business Journal, Mass High Tech Magazine, US China Healthcare Information Exchange and Canon's Medical Device and Diagnostic Industry Journal. He holds a Master's degree in political science from Suffolk University where he has also lectured on such topics as research methods, public policy, and international relations.
The US medical device industry currently exports 1.23 billion USD per year to China. The US medical device industry has yet to meet its potential in China. China alone could rescue this struggling industry. For instance, recent surveys of doctors in China showed that they preferred US medical devices over their local competitors. The survey reported a willingness to pay up to 20% more for these products, citing reliability and quality as the reasons. So why hasn’t the US medical device industry met its potential? A major reason for falling short is the lack of intellectual property protection in China . China is the world’s largest offender of IP violations. In fact, the problem has been such a concern that the US trade representative office put China on a watch-list in 2007 due to its concerns of producing counterfeit goods.
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As the US economy continues to struggle and companies search out innovative techniques to regain their markets, there is a beacon of hope across the pacific in Mainland China. Typically thought of as a major exporter, China is fast becoming one of the leading importers of foreign products, mostly high-tech goods, including medical devices. There is such a demand for these high tech goods that when asked about them, Chinese medical professionals expressed that they would even pay up to 20% more for western medical devices than their locally produced goods. This white paper outlines the specific reasons why medical device companies in the United States should develop their markets in China.
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