How many Indian companies are active in the field of medical technology?
With a, rising population level and higher national growth rates and income levels, the demand for medical devices is expected to grow at a rate of over 20% per year. India’s free market environment, developed industry, investment in health infrastructure, increased demand for high quality medical devices and agreements between foreign device manufacturers and Indian manufacturers are some of the main factors that are responsible for the growth of the Indian medical market. India is growing as a key market for medical devices and equipment. A large percentage of the population can afford to receive high technology treatment. It is currently the fourth largest market in Asia and is worth about US$3 billion. The industry has seen tremendous growth over the last decade.
There are hundreds of small medical equipment companies in India in different segments of the market however the big foreign companies like Meditronics, Trivitron dominate the market. This is because the entry barriers to the industry are very high because of the technology.
What advantages do foreign companies have when importing into the country?
International business is the core theme in conducting business in current era of globalization. In the competitive environment, businesses are competing at global level. In international business, a company can engage in either of the two ways such as import or export. Import and export are the two basic and primary ways of conducting the business. Whenever a company engages into the international business, there are lot many factors which impact the business. Hence there are advantages and disadvantages of both import and export. Considering this view, this assignment report addresses the critical analysis of two primary ways of occurring international business and respective advantages and disadvantages. In addition to this the assignment report also discusses the international business and free trade.
There are number of benefits in importing the goods, such as high quality, low prices, and benefits related to the international trade. An importer can have the comparative advantage which means lower prices.
Also, the importer can have the much cheaper products from the foreign market due to low labor cost, low taxes etc. in terms of quality, the importer can have the higher quality goods and produce the finished goods with high quality and extend the business profit margins. In some countries, government provides the support to the importer for developing the trade relation. Government provides the information of the manufacturers and producers in the foreign country so that the importer can purchase the high quality and low price goods. Also, due to the government involvement reduces the transaction risk. An importer can access to the regionally exclusive resources and cheap labor for producing the goods. These resources are required in the manufacturing process that have specialized skills and can be sound in certain countries.
To what extent does MEDICAL FAIR INDIA help to bring domestic and foreign business partners together?
In India’s growing health care market, Medical Fair India is the health care sector’s most important trade show. In combination with the interdisciplinary convention program, this is the leading trade fair in the field of medical products and investment goods. Business relations with India can be designed in many ways. India is a land full of opportunities for players in the medical devices industry. The country has also become one of the leading destinations for high-end diagnostic services with tremendous capital investment for advanced diagnostic facilities, thus catering to a greater proportion of population. Besides, Indian medical service consumers have become more conscious towards their healthcare upkeep.