Recently, the world-famous research institution "Frost & Sullivan" conferred the 2010 European Patient Monitoring Excellence n Globalization Award on Mindray for its excellent performance in European markets and globalization. After winning the Leadership Award for its penetration of the global monitoring market in 2006, this is the fourth time Mindray has received this award from the institution. The prize-giving ceremony will be held at the end of May.
Over the past two years, the field of medical devices has been full of challenges and opportunities. On the one hand, there is a global economic crisis and increasingly fierce market competition. On the other hand, there is a growing demand for medical devices. Frost & Sullivan believe that in this situation, "the key to success depends on whether the company can continuously introduce new, quality products that can meet customers' needs. Since Mindray understands this principle, it has the competitive advantage".
The main criteria for this award include the performance of the global strategy, the efficient use of global assets and the global vision for the company's development. In a research report, the institution commented that "from Mindray's acquisition and expansion strategy, you can clearly see its goal of becoming a company of global excellence. Since the acquisition of Datascope's monitoring business in 2008, the company has made major progress in terms of globalization. "Indeed, after more than ten years of development, Mindray has not only become the leader in the Chinese market; it has also developed steadily in the international market. It started exporting products in 2000 and by 2007, the ratio of international sales had exceeded 50% for the first time. In 2008, Mindray's monitoring products quickly penetrated the American and European markets and brought direct sales. This stimulated the continuous growth of international business with other product lines. Today, products are exported to over 190 countries. Mindray believes that vision for globalization is essential for the continuous development of a company.
Compared with many domestic and foreign competitors, the research suggests that Mindray has a unique cost advantage from R&D innovation. Mindray, with its local R&D base, can use the overseas R&D resources effectively, optimize production process and introduce popular products. The long-term and effective relationships with superior suppliers also contribute to the excellent performance of Mindray worldwide. All these factors enable the company to take advantage of its lower technical, labor and raw material costs. The leverage effect of this means it can introduce medical products with competitive power in the market and benefit a large group of people.
"Bringing global value to users" is one of the most important criteria for the award. In China, Mindray has over 1000 sales staff and cooperates with over 2000 agents. It provides technical training and after sales services for agents and end-users. Mindray has set up branches in 13 countries outside China. This has enabled an improved understanding of the international environment and changes in customer requirements, creating a more market-oriented sales service system.