Mindray Makes the 2018 BCG Global Challengers List
On August 8, 2018, The Boston Consulting Group (BCG) released the 2018 BCG Global Challengers 100 List. Mindray is the ONLY medical devices company on the list, among all 100 companies from emerging markets. It also marks the fourth time that Mindray has made the list since its debut in 2013. Since 2006, BCG has been issuing a Global Challengers 100 List every 18 months. BCG believes that these companies will profoundly change the world business landscape.
There is no doubt that all the 100 challengers are leading the local market and challenging the global game rules by setting new standards for innovation. The Global Challengers are important players who now compete with developed-market multinational companies.
The BCG Global Challengers are chosen using a combination of quantitative and qualitative criteria with consideration of annual revenue, the number of employees, growth rate, EBIT margins, and international presence. In terms of total shareholder return, the Challengers have substantially outperformed their global peers (2000-2016). Even in the period of broader economic slowdown in emerging markets, the Challengers outpaced their peers on the revenue growth in multiple industries. Notably, from 2011 to 2016, the Challengers from the healthcare industry showed a most remarkable revenue growth rate of 25 percent, which almost doubled that of its runner-up, the consumer goods industry.
To be a Challenger, the company has to show credible aspirations for a truly global footprint, not merely an export-driven model. BCG states that Challengers honed their business models and capabilities in the challenging situations which define most emerging markets. There is every reason to believe that the Challengers can bring long-term, rapid and stable growth, and they know how to maintain positive momentum in face of uncertainties.
At the roundtable discussion of the 2018 Global Challengers Press Conference, Mr. Cheng Minghe, President of Mindray Medical, pointed out that there is no shortage of opportunities for Chinese companies going global in the current economic climate, however, these opportunities are evolving rapidly. “The quality and design are indispensable to providing medical devices. The most competitive medical products are those which are designed around clinical needs, and with the highest possible quality, ” Mr. Cheng said.
As the only medical devices company on the list, Mindray is capitalizing on the technological advances to gain a firmer foothold globally and it's taking on more responsibility as an industrial leader.
*The Boston Consulting Group (BCG) is a global management consulting firm. Founded in 1963, BCG now establishes offices in more than 90 cities in 50 countries. BCG provide customized approach for clients to help them identify their highest-value opportunities, address the most critical challenges and transform the enterprises.
2018 Global Challengers Report https://www.bcg.com/Images/BCG-Digital-Leapfrogs-May-2018-revised_tcm9-195110.pdf