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Welcome to Grow Beyond, LLC
May 5, 2014
Comonality between emerging & developed markets
May 19, 2014
I have been thinking about emerging and developed markets. Although, there are many differences - size, pricing, needs, consumer behavior, social & government involvement, etc., I believe there are many commonalities as well - especially in the medical device marketplace.
Across the world, we are seeing pressures on reimbursement, pricing, throughput and quality. Utilization expectations are growing, and governments are becoming stricter on the quantity and nature of medical devices that hospitals are allowed to purchase. Some of these are direct policies, and some are more indirect. For example, as the outcome-based healthcare takes root in the US, healthcare providers - private or public - are becoming more aware and involved in ensuring the equipment they have are both appropriate, and effective in providing the services for their patients. This doesn't mean "high-end" devices aren't right anymore, but only that there will be more scrutiny of all capital equipment. All purchase decisions, as well as on going use of equipment have to match the strategy, quality and expectation levels of the healthcare providers.
The world is also becoming "smaller". More medical device tradeshows and journals are attracting global audience, making the field more "level" for manufacturers and buyers across the world. Information is more readily available, and customers are significantly more aware of technologies and benefits.
One thing that is common across the globe is that healthcare is needed everywhere, and access, reach and quality all have room to improve. Cost-benefit analysis is becoming more deep rooted, and it is more critical now to ensure customer and market insights are captured accurately. And, the solutions have to meet the needs of the customers - no matter where they live.