China enjoys strong presence in Latin American health market
At an international medical technology fair held recently in Colombia’s capital Bogota, China made a strong impression and represented its strategy to enter the regional medical equipment market. According to the organizers, 21 distributors of medical devices from China showcased their product range consisting of syringes to specialized devices that can treat disorders such as sleep apnea. A World Health Organization (WHO) report has said that China’s entry into the regional market is at exactly the right time as Latin America, Asia and the Middle East provide the best outlook for the sector in 2017. According to a consulting firm PharmaLive, China is currently the world’s second leading medical devices market, after the US, offering large multinational players an attractive opportunity through low-cost labor, and expected to account for 25% of the global market share by 2050. China is expanding its base in Latin America with Colombia serving as a gateway to the regional health industry.