In the last year, the stability of the US relationship with China has changed. From the implementation of new tariffs to back-and-forth threats of a full-on trade war, both countries have started to pull back on shared interests and forward pursuit.
It wasn’t too long ago that much of China’s medical community preferred and purchased devices that were developed in the west. Practitioners, many of whom had an education in Western-based medicine, would focus on these products rather than on development at home.
All that changed as medtech companies within China started producing new innovations, often at lower prices than their Western counterparts. Added to China’s nationalism, it became more lucrative for insurance, providers, patients, and manufacturers to buy local. And since that change of focus, China has surged to a significant role in the global medtech industry.
In particular, China has been the center of the development of artificial intelligence that has demonstrably effective results in the medical industry. This past July, the Chinese government hosted a conference in Beijing to show a further commitment to growth and innovation. In order to provide greater outreach to the population, the national administration announced a partnership with hospitals and organizations throughout the country.
China’s medical products administration also launched a pilot program this summer to start implementing unique device identification. The first phase of the program will look at tracking high-risk implants. The focus for investors and manufacturers, of course, is whether or not this new system will work with that of the FDA and with upcoming changes to the EU.
As China’s medtech industry continues to advance forward, more processes and products will be brought to market with a built-in global reach.