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Medical Technology Innovation Gaining Ground in China, India

Medical Technology Innovation Gaining Ground in China, India

In the recent article by John Commins for HealthLeaders Media entitled “Medical Technology Innovation Gaining Ground in China, India,” the author discusses about how India, China and Brazil are gaining ground in their ability to make the latest medical technology innovations. How far will these countries go in this race for global leadership in technology innovation?

According to a PwC report, Brazil, India, and China are all progressing in medical innovations, and may actually overcome other developed countries’ innovative healthcare over the next ten years. PwC discovered that this expansion is related to the swift development in the emerging economies attracting more innovative resources

This rapid growth is permitting all of these countries to become a new frontier of more affordable medical equipment that is both smaller and faster.

Analyst Mike Swanick stated in a PwC report that the convergence of change on all fronts, including technological, social, demographic, and economical, is shifting the medical technology territory and that the result is ecosystems that are creating new medical innovations. He goes on to say that, the changes are allowing for business, and even entire nations, to acclimate to an evolving environment. This report took stock of the ability of nine different countries to embrace the ever-shifting nature of innovation.

Although there has been evidence that innovation is emerging in other places than the United States, shifting the center of emerging technologies, the PwC uses five factors and eight-six different metrics to create the Innovation Scorecard. They take data from the past five years and use it to predict changes that will during the next decade, up until 2020. While the US is most likely going to continue to be the number one in medical technology improvements, the emerging nations will begin to gain ground on the medical supergiant. PwC’s innovation scorecard also estimates that Japan, France, Israel, Germany and the UK, will also begin to slow in medical innovative growth, but that India, China, and Brazil are expected to see extreme growth.

In the past five years, China has demonstrated the most innovative growth in the medical field, and is supposed to catch up with the established nations of Europe by 2020. Simon Friend, another PwC analyst, stated that developed nations must increase investment in medical innovation, otherwise the new markets will overtake the established nations in new healthcare delivery.

The scorecard also demonstrated that the innovation network itself is evolving as medical technology expands its horizons. Some of this revolution is driven by alterations in US policies, for example more expensive regulatory approvals, international investments in R&D, and more of a focus on cost-effective healthcare problem solving. Changes across the globe are also responsible for shifting the medical innovation dynamics, such as an increased investment in local university medical centers, investment in research, returning scientists and doctors who studied abroad, advancements of mobile medical technologies, and a focus on cheaper revers innovation that allows scientists to develop inexpensive and more effectual healthcare.

However, factors such as intellectual proprietary protection, the hardships of establishing business in emerging nations, and poor local supplier systems could cause these new markets to be less desirable, and could prevent these countries’ strides in overtaking other countries and becoming the top innovative leaders in medicine. Nevertheless, the countries’ larger markets and burning desire to rise to the top may overcome these setbacks.

Note: The preceding is a summary of an article found though our research, and is provided here with editorial comment for members only. Please see the full article at the following link for full original content: http://www.healthleadersmedia.com

The New Asia Innovation Team

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