Prospects for the IVD industry in China were discussed in some detail during the 2012 China Medical Device Industry Development and Investment CEO Summit, which was held on 9 June 2012 in Shanghai. The meeting brought together various stakeholders including government officials, manufacturers, and investors to discuss the state of the medical device and IVD industries and to further promote their development. Here are some of the highlights of the meeting.
- During a panel discussion on trends in China’s IVD industry, Shen Qian from Shanghai Hospital noted that demand for more accurate and timely results has led the hospital to invest in new equipment, some of which is highly automated. “Revenue from tests and experiments accounts for 6% to 7% of total hospital revenue, says Shen Qian. “We believe IVD is a segment market with a good outlook.”
- One industry expert attending the summit defined the IVD sector as a “high-demand industry with great potential.” He also observed that, while China’s IVD industry has some international and domestic players, there is no industry icon, indicating there is still room for future growth.
- China’s rampant urbanization, ageing population, growing middle class and increased public awareness of healthcare issues is fueling demand for IVD products and services, according to Dr. Li Fei, President of Shanghai Yongsen Investment Consultancy. Demand is high for tumor-related testing in China.
- The major obstacles for China’s IVD industry are personnel issues (companies need to recruit teams that bring together marketing, technology, and managerial expertise); a lack of technological competitiveness and capital; and SFDA’s strict regulatory oversight.
— Helen Zhang, Associate Editor, China Medical Device Manufacturer