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.
The following is a speech by Zhang Hui, the founder of IntoCare, edited and released by EqualOcean:
I would like to express my sincere gratitude to the organizers for their kind invitation. I am Zhang Hui, the founder of IntoCare, established in 2015. Prior to founding IntoCare, I had a long career with a multinational medical device company, accumulating rich industry experience and professional knowledge. The primary impetus for establishing this company stemmed from an innovative concept and an urgent need for existing products. This internal drive led me to leave a stable work environment and embark on the path of entrepreneurship.
IntoCare focuses on the research and development as well as the production of advanced consumable medical products, particularly emphasizing fine-tuned design and manufacturing tailored to the needs of surgical oncology. We are committed to contributing to the advancement of the medical industry and the well-being of patients through innovative technology and high-quality products.
EqualOcean: The global pandemic has led to an increase in medical demand. China's medical device industry is facing a series of challenges and opportunities. We are very eager for Zhang Hui to share some insights, especially regarding the development trends of the medical device industry in the coming years and how Chinese medical device companies should adjust their strategies to cope with the ever-changing market environment and maintain or even enhance their competitiveness in the international market.
From the very beginning of our entrepreneurship, IntoCare has been determined to expand into the global market, always considering the global arena as our strategic objective. In terms of business layout, we initially chose Europe as our entry point. At the outset, we carefully considered numerous factors. Foremost was the establishment of a quality system compliant with international standards to ensure that our products meet global market regulatory requirements. Secondly, we placed great emphasis on patent layout, deeply understanding the importance of independent innovation. Independent innovation, as the name suggests, involves possessing independently developed core technology and patents. To date, we have successfully applied for and obtained over 500 patents, fully demonstrating our strength and achievements in technological innovation.
We deeply understand that to bring products to the global market, it is necessary not only to have universally applicable technology but also to develop precise market strategies and strictly adhere to the regulations and quality system requirements of each country. Based on these principles, since 2021, we have successfully launched sales operations in the European market and achieved significant results. As of now, our products have successfully entered the markets of over 40 countries and regions, including Eastern and Western Europe, as well as the United States and Japan, earning the trust and praise of a wide range of users.
EqualOcean: In the global promotion of the medical device industry, we tend to focus more on the challenges Chinese medical device companies face in the international market. We have a couple of small questions for Mr. Zhang Hu. Firstly, who are the main competitors of Chinese medical device companies in the international market? Considering the diverse nature of the global market, how should these companies devise competitive strategies for different markets? Are there any other competitive strategies that can be shared? Secondly, what unique challenges might smaller medical companies encounter in the process of entering the international market?
Firstly, facing the diverse medical policies of different countries globally, the key for current enterprises is to identify and seize appropriate opportunities to achieve growth. However, from a risk management perspective, although the medical device industry needs to confront strict legal regulatory risks, I believe that as long as operations are compliant, other risks are relatively controllable. This is a fundamental viewpoint of mine.
From the inception of our entrepreneurship, we have clearly defined our enterprise positioning and development goals. Although competing with century-old enterprises is challenging, akin to "a mantis trying to stop a chariot," since we have chosen the path of entrepreneurship, we must maintain firm beliefs and continue steadily on the emerging track. We have confidence in products manufactured in China, entirely made in China, and originating from China. This confidence stems not only from the strength of our products but also from our steadfast belief in Chinese manufacturing.
Furthermore, for the field and track we are engaged in, we must possess a certain foresight. Only with a forward-looking strategic vision can we seize industry development opportunities, avoid potential threats, and thus achieve long-term enterprise development. I believe that as long as we maintain this foresight and spirit of innovation, we have the potential to become a century-old enterprise and contribute to the development of Chinese manufacturing.
EqualOcean: How does IntoCare meet different market demands with its products?
We focus on the research and production of surgical instruments and deeply understand that regardless of the patients' skin color, the surgical requirements and standards are consistent. Therefore, in-depth industry insights and continuous innovation are particularly important.
What I want to emphasize is that ingenuity is indispensable in our work. It is not just a method of producing products but also an attitude towards work. It requires us to have keen insights, accurately capture industry trends and patient needs, and innovate on the basis of products to form a differentiating competitive advantage.
As medical devices are products closely related to human health, their quality directly affects the life and death of patients. Therefore, we must hold ourselves to the highest standards, constantly pursue technological innovation and excellence in quality. Ingenuity is a specific embodiment of this pursuit, requiring us to strive for excellence in every aspect, ensuring the safety and effectiveness of our products.
EqualOcean: One last small question, what are Zhang Hui's expectations for the internationalization process of medical devices in 2024 and beyond? What are the prospects for the entire Chinese medical device industry?
Looking ahead to 2024, this will be the third year of IntoCare's global market layout. I hope that our branding process will yield significant results and achieve substantial growth in every key market. We are committed to achieving steady global business growth by continuously enhancing brand influence and market penetration.
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/