Chinese medical device companies are enhancing their presence in the domestic market and closing the gap with foreign peers in terms of innovation, industry insiders said.
One of the most important factors driving the rapid growth of domestic medical device companies is the country's innovation-driven development strategies and policies, which urge Chinese companies to focus on innovation and research and development as well as pay close attention to intellectual property protection, said Xu Shan, secretary-general of the China Association for Medical Devices Industry.
From central government departments to local governments, many policies have been implemented to promote the development of the medical device industry.
Health authorities have established fast-track review and market approval processes for medical device innovations, and medical device companies that have promising innovation and R&D capabilities enjoy favorable financial, policy and service support, especially if they are located in industrial parks or development zones, Xu said.
That is especially important considering the fact that medical devices were often only a part of the overall pharmaceutical industry in China's development guidelines and policies in the past, she said, stressing that in recent years many national-level policies specifically targeting the medical device industry have been issued and carried out.
She added that the rapid growth of Chinese medical device companies in terms of both quantity and quality is laying roots in the fast expansion of the domestic market.
Source: China Daily
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