Domestic startups angling for a piece of China’s booming medical device market are struggling to break through in a field dominated by foreign brands.
Entrepreneurs say there’s limited enthusiasm for long-term investment in research in an industry where genuine breakthroughs are hard-won.
Meanwhile cheaper “copycats” of foreign technology are more attractive to investors, but questions linger about their popularity among Chinese consumers who may be unwilling to stake their life on a local brand.
The Chinese government’s “Made in China 2025” plan, which promotes self-reliance to break the nation’s dependence on imported technology, aims to see half of all mid-to-high-end medical devices used in China made there by 2020, increasing to 70% by 2025.
A slew of Chinese healthcare companies — including Shenzhen Mindray Bio-Medical Electronics, Shanghai United Imaging Healthcare and Shinva Medical Instrument — have recently launched high-end devices including specialized diagnostic equipment. Startups such as Shanghai AccuMed Technology and Gimer Medical have also jumped on the bandwagon.
Check caixinglobal.com later today for the full story.