In 2024, nearly all medical enterprises are exploring overseas markets. This trend is driven by an anti-corruption wave within the medical industry, the demand for financing and initial public offerings, as well as challenges such as excess production capacity. Presently, venturing abroad has become an essential developmental path for medical device enterprises. Successfully entering foreign markets is not only a crucial means for the medical industry to achieve a second grow
On the afternoon of April 3, 2024, the "Hongqiao Going Global Salon" - the second forum on the internationalization of Chinese medical devices, was successfully held in Donghongqiao, Shanghai. The event was organized by the Shanghai Changning District Business Commission, guided by the Donghongqiao Development Office of Changning District, and hosted by the global new think tank EqualOcean, jointly organized by Haoyue Capital and HiHunt Technology. Several heavyweight guests participated in the offline forum to engage in in-depth discussions, collectively exploring the current status and future of Chinese medical device enterprises going global.
During the first roundtable meeting, hosted by EqualOcean's senior analyst, Chen Di, discussions were held on the theme "Is the international expansion of medical device enterprises an opportunity or a necessity for survival?" Invited guests included Chen Kai, Executive Director of AstraZeneca China, Lynne Wu, CFO of PULNOVO Medical, Zhang Hui, Founder of IntoCare, Tian Yuan, Co-founder of VINNO, and Wang Xiaoqi, Partner of Robo CT Technology.
Below is the speech by Mr. Wang Xiaoqi, Partner of Robo CT Technology, as edited and released by EqualOcean:
Hello, everyone. I am Wang Xiaoqi from Robo CT Technology, currently responsible for the company's commercialization efforts. Robo CT Technology is a technology company focused on the rehabilitation machinery field, dedicated to providing solutions for lower limb rehabilitation training for skeletal injury patients. In the initial stages of the company, we centered around our technical team and successfully brought our products to the market through continuous technological research and innovation.
During the company's startup phase, as an engineer, I closely collaborated with the technical team to transform our products from concept to reality. We consistently optimized the performance of our products, ensuring their competitiveness and user experience in the market. Through years of effort, Robo CT Technology has achieved remarkable results in the domestic market and has actively expanded into the international market since last year.
Throughout this process, we have continuously learned and grown, actively adapting to the demands and changes in different markets. Today, I take this opportunity to share our experiences and insights, hoping to learn and progress together with all of you. Thank you for your attention, and I look forward to deepening exchanges and collaborations with all colleagues in the future.
EqualOcean: The global pandemic has led to an increase in medical demand, presenting a series of challenges and opportunities for the Chinese medical device industry. We are eager to hear Mr. Wang's perspectives, especially regarding the development trends of the medical device industry in the coming years and how Chinese medical device enterprises should adjust their strategies to address the continuously changing market environment while maintaining or even enhancing their competitiveness in the international market.
In recent years, as we have deeply engaged in the practice of expanding into overseas markets, we have accumulated a wealth of practical experience and cases. Through in-depth analysis and summarization of these cases, we have found that when facing leading European, American, and Japanese companies, Chinese enterprises often find themselves at a relative disadvantage if they directly compete based solely on brand strength, thus lacking competitiveness.
Therefore, we have not chosen to directly compete with these foreign enterprises based on brand strength. Instead, we fully leverage the advantages of Chinese enterprises in manufacturing capabilities and service efficiency to attract and win customers. We firmly believe that with our superb manufacturing technology and efficient service system, we can provide customers with higher cost-effective products and better services, thereby standing out in overseas markets.
In our future overseas expansion, we will continue to adhere to this strategy, continuously optimizing and enhancing our manufacturing capabilities and service efficiency, while focusing on product quality and innovation to meet the diverse demands of the overseas market. We believe that through our continuous efforts and enterprising spirit, we will definitely be able to showcase the elegance and strength of Chinese enterprises on the international stage.
EqualOcean: In the global promotion of the medical device industry, we are increasingly focusing on the challenges that Chinese medical device companies face in the international market. We have two specific questions for Mr. Wang. Firstly, who are the main competitors for Chinese medical device companies in the international market? Considering the diverse nature of the global market, how should these companies develop competitive strategies tailored to different markets? Are there any other competitive strategies that can be shared? The second question pertains to smaller-scale medical enterprises: what unique challenges do they encounter when entering the international market?
Over the past decade, from 2015 to the present, the product track we operate in has experienced rapid development. During this period, Chinese enterprises have gained significant competitive advantages in the global market, leveraging outstanding technological innovation, efficient update cycles, and exceptional service capabilities, even surpassing foreign counterparts in certain aspects.
However, we recognize that despite significant achievements in technology and functionality, we still face numerous challenges in brand building and consumer product perception. Brand strength not only represents a company's market position but also relates to consumer awareness, trust, and loyalty towards the products. Therefore, we need to invest more time and effort to enhance our brand influence, allowing consumers to truly perceive the unique value and superior quality of our products.
To achieve this goal, we will prioritize product functionality and experience, continuously optimizing product performance and enhancing user experience to win consumer recognition and trust. We believe that only products that genuinely meet consumer needs and expectations can stand out in intense market competition and become the preferred choice for consumers.
EqualOcean: Mr. Wang, what are the prospects for Robo CT Technology's new technology in patient recovery? How does your company overcome legal, regulatory, and cultural challenges in different markets?
Firstly, our company is currently facing two core issues: how to effectively establish and optimize our service system, and how to accelerate product iteration to meet the evolving needs in different scenarios. Given that our current products are just starting out and are in a critical phase of rapid development, we understand the necessity of swiftly and accurately grasping market dynamics to meet the growing demands of our customers.
Regarding the risks of poisoning or bodily harm during product use, we are fully aware of the seriousness and long-term impact of such risks. Therefore, we have formulated detailed risk prevention and response strategies to ensure the safety of our products during use. Furthermore, our product demand mainly stems from two major scenarios: hospitals and patient households. In hospital settings, the product needs to support rehabilitation therapists in diagnosis and treatment, including data calculation and analysis, providing robust data support for doctors, thereby forming a comprehensive hospital solution. In household settings, we focus on product usability and comfort, such as convenient wearing and home transfer, to meet the daily needs of patients.
We have observed that some competing brands in the market, especially in Europe and the United States, may not iterate their products rapidly enough. In response, our company has decided to optimize and upgrade products in a targeted manner based on user needs in different scenarios, combined with our technological expertise and market understanding. We firmly believe that only by deeply understanding user needs can we design high-quality products that truly meet market demands.
In our future development, we will continue to focus on enhancing product performance and quality, while strengthening communication with users and the market to ensure that our products can continuously meet the growing needs of users. We look forward to working together with everyone to drive the continuous development and growth of our company's products.
EqualOcean: Lastly, Mr. Wang, what are your expectations for the internationalization process of the medical device industry in 2024 and beyond? What are the prospects for the entire Chinese medical device industry?
This year marks the second year of Robo CT Technology's development. Our focus for this year will be on establishing a comprehensive service system, intensifying the preparation of registration documents, and striving to obtain market access certifications from more countries to propel the comprehensive development of the company.
About the ⎡2024 Globalization Forum for Going Global - Shenzhen Summit⎦
Hosted by EqualOcean, the "2024 Globalization Forum for Going Global - Shenzhen Summit" is scheduled to be held in mid-June 2024, with an expected scale of over 3000 attendees for a 3-day event. In addition to regular conferences, there will be award ceremonies, social banquets, overseas entrepreneurial project roadshows, and exhibitions of overseas products. Like the "Two Sessions" for international expansion, EqualOcean's mid-year event in Shenzhen and end-of-year event in Shanghai are not to be missed. We welcome inquiries for cooperation.
About EqualOcean
EqualOcean is a new type of think tank and core resource connector dedicated to serving Chinese companies in their global expansion and assisting overseas companies or institutions in seizing development opportunities in China. With a mission of "connecting China with the world," EqualOcean's core strengths lie in having the strongest team in the industry, connecting official and non-official channels, bridging the gap between technology, the internet, and "traditional industries," and possessing a global vision and global resource network.
Established in November 2018, EqualOcean currently operates top-tier media, think tank, community organizations, and event products, providing in-depth reporting and analysis in both Chinese and English, global strategic consulting, overseas market research, benchmark study camps for going global, overseas study camps, international conferences, and closed-door meetings for international expansion, among other services. Those interested in EqualOcean's products and services are welcome to contact EqualOcean staff.
EqualOcean Chinese site: https://cn.equalocean.com/
EqualOcean English site: https://equalocean.com/