GE Healthcare, Abbott, Johnson & Johnson and Boston Scientific are examples of some of the biggest medical device manufacturers that decided to work together and form the first industry trade group in Asia. The group is called APACMed: Asia Pacific Medical Technology Association and expects that the Asian governments and regulators will take their interests more seriously, since now they are united - which makes their voice stronger.
The region is known for their fragmented market and APACMed CEO Fredrik Nyberg explains that it was important to start working together and form an industry group to more effectively affect change in regulations, treatment guidelines, laws and ethics. APACMed hopes the group will include local companies, since all of the founding APACMed members are western companies. However, their leadership is already speaking with a number of companies in Japan, Korea, China and Singapore, as well as an Indian industry association.
“In some markets, the challenge is in establishing better medical infrastructure like hospital beds and an adequate number of doctors. But in others, the issue is how to train medical professionals on the latest technologies or to get reimbursed for innovative products”, according to APACMed chairman Vladimir Makatsaria.