Medical Technology Innovation Gaining Ground in China, India
Other dynamics are the result of changes abroad, including increasing investment in local academic medical centers; investment in research programs; the return of foreign-educated scientists and doctors to their homelands; advancement of mobile health technologies that expand access to care; and a focus on the lean, frugal and reverse innovation necessary to deliver faster, better, cheaper and more effective healthcare solutions in these markets, PwC says.
As a result, medical technology companies increasingly are seeking clinical data, new-product registration and first revenue in markets outside the United States that are becoming more attractive and supportive of new innovation. Medical technology innovators already are going first to market in Europe and, by 2020, likely will move into emerging countries before entering the United States, PwC says.
Despite the size of the markets in China, India and Brazil, their global leadership in medical technology innovation is not preordained. Factors related to intellectual property protection, difficulty of doing business in some emerging countries and weak local supplier networks could make these markets less attractive, despite their size, and could hinder these nations' efforts to assume innovation leadership. PwC said.