China’s Healthcare Market Is About To Blow Up According to Medtronic Chief.

According to Health care executives in the know, the best opportunities for healthcare industry growth are overseas.   And Medtronic CEO William Hawkins says China is the world’s hottest international market. 

Hawkins said next to the United States, Japan is currently the company’s second biggest market but he expects China to assume that position within the next eight to 10 years.

Here is why Hawkins is so optimistic that China is about to bring riches: 

China’s economic and social reforms over the past 25 years have met tremendous success. However, the development of the healthcare sector is now far behind its economic development.  

A review of China’s key health indicators shows that change is inevitable.

Life expectancy and infant mortality trends, for example, illustrate that although China’s healthcare system has made progress over the last ten years, improvements have slowed recently. Similarly, indicators such as the reported incidence and mortality rates from infectious diseases have increased in recent years.

Inadequate spending is only part of the problem. Just as serious are the lack of access to affordable healthcare, the inefficient use of healthcare resources and a lack of high-quality patient care.

The healthcare sector in China will need to undergo drastic changes to achieve the government’s objectives of improved patient care.

The Chinese government clearly understands the magnitude of the problem and has articulated its commitment to closing the significant gaps in the healthcare sector and has emphasized the need for public and private sector cooperation. 

Medtronic is one company that plans to cooperate.