Market profiling and entry strategy for medical supplies in Asia
Despite the client's strong presence in the US and Europe, its presence in Asia is fairly weak due to a lack of market place understanding. The Asian medical supplies and disposables market is also, highly commoditised by low cost manufacturers mainly from China. The client, a global medical supplies company, has engaged Synovate to investigate the market potential of 6 countries in Asia for high quality medical supplies and advise the client on the appropriate entry and growth strategies within those markets.
Synovate utilized a full-circle approach to gather findings and validate information across each country's Ministry of Health, different industry players and customer stakeholders.
Synovate first conducted in-depth interviews with the Ministry to understand regulatory requirements for the subject products, and also to understand underlying objectives and upcoming changes for these requirements. Both Public and Private hospital decision makers were then targeted to gain a comprehensive understanding of the purchasing patterns, customer needs and requirements as well as the budgets and vendor selection processes for such products. On the competitive side, Synovate engaged with key competitor companies and their corresponding distributors to understand marketing and sales strategies within the region, as well as to anticipate upcoming product and service offerings, and strategic directions. Comprehensive pricing and margins analysis were also established to provide the client with a competitive edge in future bids and tenders.
Equipped with the study findings, the client was able to make informed decisions on market prioritization and expansion. Three potential markets were shortlisted, and the client had since commissioned a follow-up study to identify obtain a deeper dive into the competitive landscape.