Medical device maker sees fastest growth in US market
Mindray Medical International, one of the mainland's largest medical equipment makers, said it would boost overseas sales 60 per cent annually in the next few years, even as international concern grows over the quality of mainland-made products.
Overseas sales jumped 74 per cent in the second quarter, lifting first-half revenue from outside the domestic market to US$65 million. The amount made up about half of Mindray's total turnover and more than two-thirds its overseas sales of US$94 million for the whole of last year. By contrast, second-quarter domestic sales rose only 42 per cent.
'Demand overseas is huge,'' said chief executive Xu Hang. 'We have the right products. We need only to build the distribution channels.' Having entered the US market just last year, he said 'growth there should be substantial' this year.
Sales in the United States doubled in the second quarter from a year earlier. Analysts believe the country will surpass Germany this year as Mindray's largest single market outside the mainland.
'Our products are the must-have items in hospitals and clinics, and our prices and functions are attractive,' said Mr Xu.
In Germany, one of 140 countries where Mindray products are sold, the brand's market share is less than 1 per cent, leaving 'plenty of room for growth,' said chief financial officer Joyce Hsu.
