In an effort to improve China-U.S. cooperation and spur medical device innovation between the two countries, AdvaMed inked a cooperation framework agreement this week with the China Association for the Medical Devices Industry (CAMDI). The new agreement was announced at The MedTech Conference Powered by AdvaMed in San Jose, CA.
“This agreement signifies a major step forward in industry collaboration between CAMDI and AdvaMed to expand patient access to innovative medical technology solutions in both countries, said Jiang Feng, CEO of CAMDI.
Scott Whitaker, president and CEO of AdvaMed, echoed that sentiment, calling the agreement a win-win for both organizations, but most importantly for patients. “As this framework reflects AdvaMed’s strengthening commitment to China, we look forward to continuing to work with CAMDI to help make patients’ lives better through medical technology innovation,” Whitaker said.
Combining the expertise of CAMDI and AdvaMed, the collaboration aims to enhance the competitiveness of the China and U.S. medical device industry, promote the sustainable and healthy development of the industry, strengthen R&D capacity, drive further integration into the global innovation ecosystem, and provide value to patients.
AdvaMed has shown an increasing interest in China, and in 2014 the group even opened an office in Shanghai. AdvaMed’s president at the time, Stephen Ubl, noted that the new facility would “substantially enhance the association’s ability to partner with Chinese authorities and other stakeholders, and provide AdvaMed members expanded opportunities to engage on important policy issues in one of the world’s fastest growing markets for medical technology.”
China’s medical device market is expected to experience a compound annual growth rate of 7.4% until 2019. Still, doing business in the country has not been easy for foreign countries, especially for companies that do not have a manufacturing facility in China.
Medical device suppliers have been moving in droves to set up shop in China over the past decade, however, a trend that has created opportunities as well as challenges for companies looking to source devices in China.