More than just drugs are moving to China...Phillips and many other industries are setting up shop and investing in Chinese companies....BD
The heparin scare may be dominating the health news in the U.S. media, but that's not stopping multinationals from boosting their ties with the Chinese medical industry. Dutch conglomerate Philips (PHG), which is switching its focus away from electronics and semiconductors and toward higher-growth areas like
medical equipment, is boosting its alliances with manufacturers, universities, and hospitals in China. The industry "will start to see more companies moving their manufacturing to China," predicts David Jin, chief executive for Greater China for Philips Health Care, which also operates a joint venture with a Chinese company in northeastern China, the Neusoft Group, making MRI, CT scan, ultrasound, and X-ray equipment
Other companies are paying attention to China, too. Siemens last September opened a medical research and development, manufacturing, service, sales, and marketing center in Shanghai that the German conglomerate expects to employ 1,000 people this year. It's the largest facility of its kind for Siemens in Asia, the company boasts. And General Electric's (GE) health-care division last August announced a plan to work with Premier Diagnostic Health Services, a Vancouver company with a Hong Kong subsidiary, to sell and operate positron emission tomography (PET) scans to Chinese health providers such as the People's Liberation Army 101 Hospital in the eastern city of Wuxi. One of the most aggressive companies is Medtronic (MDT), which in December announced it was investing $221 million to buy a 21% stake in Shandong Weigao Group Medical Polymer, a Hong Kong-listed manufacturer of medical equipment based in China's northeastern Shandong province.
"We are at the same point with the medical device industry," he says. "The outsourcing trend is just starting."
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