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How to Succeed in an Emerging Market

When setting up shop in an emerging market, a medical device company must be able to leverage local knowledge so it can customize products to solve unique needs. To be successful, it must look for markets that have an infrastructure that includes the following:

  • A trained workforce.
  • Engineering skill that is supported by strong universities.
  • Access to risk capital.
  • A strong clinical and physician network.

One of the other large challenges to gaining ground in some emerging markets is the cultural stigma around failing. “It  impedes entrepreneurship because it takes a bold person to leave an academic or corporate job at a successful company and take that risk to go out on their own,” says Glen Giovannetti, Ernst & Young's global life sciences center leader (Boston). “From my own view, that is why you see new ideas and new businesses occur in conglomerate-type settings versus entrepreneurs out on their own.”

Return to MedTech Snapshot International: Are the Next Eleven the Next Frontier?

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