Shanghai has one of the world’s most advanced healthcare systems. However, they still face difficulties in providing equitable access to health services. Look into the Best info about Shanghai medical industry.
Shanghai’s local governmental regulatory system heavily relies on inspections as an essential safeguard measure, with this indicator playing an instrumental role in regulatory enforcement despite annual overall counts dropping significantly.
Medical Technology
Shanghai is an epicenter for medical technology innovation, featuring high-quality products from innovative companies. The city ranks second globally for healthcare equipment sales; public hospitals account for much of these sales. Thus creating an incredible opportunity for foreign firms looking to establish themselves in China.
Additionally, policies implemented by China since the COVID-19 pandemic have encouraged digital healthcare developments by increasing investment in Internet hospitals and related technologies – changing the market landscape significantly and placing more significant pressure on both local manufacturers and multinational conglomerates alike.
MNC medtech companies are increasingly turning to local partners in China in order to avoid lengthy delays and barriers to entry for their products in that market. Partner collaboration also reduces risks related to product failure or market launch disruption by providing vital insights and expertise from within China.
PuChuang Medical Technology (Shanghai) Co., Ltd was established in 2019 and headquartered in Shanghai with the goal of developing an active cardiac and vascular intervention technology platform. Their flagship product, Sonico, is an intravascular shock wave balloon catheter system that uses shock waves to fracture annular calcified plaque uniformly. They have also created various other intervention technologies like coronary stenting systems and endoscopic atherectomy devices; their founder and CEO, Huiqun Peng, previously worked at one of the premier overseas medical device incubators before founding their company.
Pharmaceuticals
China’s pharmaceutical market has long been recognized for its fast growth and high returns. Government authorities have made the development of this sector an official priority.
Evidence indicates that pharmaceutical industry growth in a region is driven by economic factors more so than natural resources or technology; hence, decision-making policies on pharmaceutical development in any given area should prioritize considering macroeconomic situations as a foundation for decision-making.
Shanghai’s pharmaceutical market has experienced considerable expansion over recent years, particularly within its high-tech sector. Home to several top pharmaceutical firms, including Merck, Schering-Plough, Novartis, and Sanofi Aventis, Shanghai offers ample opportunity for pharmaceutical firms.
Shanghai has implemented numerous regulations to guarantee the quality and safety of pharmaceuticals sold within its borders. Not only has the Municipal Healthcare Administration (H.C.) strengthened the oversight capabilities of government departments, but they have also established an executive agency called the Health Service Authority (HSA), acting as its key regulator on their behalf. Unlike Hong Kong and Taipei, Shanghai features two-tier regulatory arrangements that guarantee greater oversight over medical practices within its boundaries.
Carlson School’s MIMBA program boasts an innovative medical industry focus that utilizes real-world cases to help students build practical business knowledge and expertise for the rapidly expanding healthcare industry. Furthermore, their Medical Industry Valuation Lab allows students to assess the viability of emerging medical innovations quickly before going to market.
Medical Devices
Medical devices are an indispensable measure of scientific and technological progress for any country, playing an essential role in fighting the COVID-19 pandemic and being integral components of healthcare systems worldwide. Therefore, their popularity remains in great demand across the world.
China’s medical device exports have seen an upswing during the COVID-19 crisis and should continue growing with healthcare systems increasing expenditure on medical equipment. While this bodes well for China’s industry in general, U.S. exporters should pay attention to any policies in China that might alter their long-term plans.
As part of an effort to control the oversupply of medical devices, local governments are increasingly encouraging public hospital procurement of locally produced devices over imported ones, prompting many multinational corporations such as G.E., Medtronic, Boston Scientific, and Tigermed to shift production operations overseas – even turning manufacturing operations directly into China itself.
Before entering China’s market, foreign manufacturers must register with NMPA (China’s FDA). Registration may require extensive clinical studies as well as technical dossiers from them.
Once a medical device is registered, its marketing authorization holder (MAH) may delegate several enterprises with research and development, production, quality audits, compliance reviews, and quality management tasks. However, the original registrant must possess both registration certificates and production licenses in order for this arrangement to work successfully.
Medical Supplies
Shanghai’s medical supplies industry is an expansive hub of high-end medical equipment. China boasts the world’s second-largest healthcare market and can present foreign businesses with ample opportunities; however, understanding local regulations and policies that could impede business expansion is of crucial importance for success.
Public hospitals remain the primary purchasers of medical devices in China, while centralized tendering procurement has become the standard method for purchasing products and equipment at hospital and county levels. To use this system effectively, hospitals must jointly invite bids and then appoint qualified agents to manage bidding procedures. It should also be noted that private companies fund most large pharmaceutical logistics projects in China privately.
Regulation of the industry is overseen by nine government agencies: the State Food and Drug Administration, the State Development and Reform Commission, the Ministry of Health, Labor & Social Security Ministry of Commerce Ministry, the State Traditional Chinese Medicine Administration & and the State Population & Family Planning Committee.
At Carlson School’s Medical Industry MBA program, experienced professionals develop practical management and leadership skills necessary for working within the medical industry. Through authentic case studies that highlight challenges encountered by renowned organizations and leaders, this course gives students real-world experiences while cultivating critical thinking skills. Furthermore, our groundbreaking Medical Industry Valuation Lab allows them to assess the market viability of innovations quickly while speeding up time to market.
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