Ireland-based Creganna-Tactx Medical, a global top 10 provider of medical device outsourcing solutions, has announced the opening of its first representative office in China.
The new office is being established to enable the company to build upon its existing presence in the market by forging deeper partnerships with its foreign and domestic customer base in China. The Chinese medical device market continues to grow at 20% per annum and this latest addition to the company’s global network reflects the continued commercial opportunity within the region.
Located in Shanghai, the office is locally staffed with industry experienced professionals who are expert in all facets of the domestic healthcare market. Along with providing enhanced commercial, technical and customer-service support to the company’s customers in China, the team will also assist customers to identify and develop leading products customized to local market requirements.
“Since entering the Chinese market 10 years ago, we have experienced yearly double digit revenue growth” said David O’Keeffe, VP Global Sales & Marketing at Creganna-Tactx Medical. “This mirrors the exponential growth of the overall healthcare sector in Asia. The Chinese medical device market alone has doubled in value since 2006 and with yearly growth rates estimated in the region of 20%, industry analystsi predict it to become the world’s third largest after the US and Europe by 2020.”
Commenting on the opening of the representative office, Graham Reeves, General Manager, Asia said, “The Chinese market continues to present a significant opportunity for us. By establishing this strong local presence and supporting infrastructure we are better positioned to continue to be a leading partner to our customers in this rapidly evolving market. Our investment is a reflection of the significance of the Chinese market to our overall growth plans and our commitment to maximize that opportunity.”
Leading the new representative office is Jim (Quan) Shen, an experienced healthcare professional. Before joining Creganna-Tactx Medical, Jim worked at McKinsey & Company, Shanghai, where he advised international life science companies on market entry and product launch strategies for China. Jim previously held various commercial positions with GE Healthcare and Covidien, China, and completed his radiology residency training at Zhongshan Hospital, Shanghai. Jim holds a Master's degree of clinical medicine from the Medical School of Fudan University, Shanghai, China, and an MBA degree from Tuck School of Business at Dartmouth, NH, USA.
The company selected Shanghai as its preferred location for its first representative office as it is home to a large cluster of existing customers and favoured among leading medical device companies. These include global medical technology brands Medtronic, Boston Scientific, Covidien and Microport, a key domestic player.
i Espicom Business Intelligence, BRICS Medical Device Market Reports and Pacific Bridge Medical, China’s medical device market.