Free Sample: Marketing research in medical fields paper example for writing essay

Marketing research in medical fields - Essay Example

The compact ultrasound, which can now handle imaging applications that previously required a conventional machine, Systems already available are Just as small and light as notepads, laptop computers, or briefcases, but they are nowhere close to what some radiologists visualize: a device as small as a stethoscope, with a little screen, that is no larger than a PDA. Most clinicians and manufacturers make a distinction between portable ultrasound systems, which are laptops units weighing 10 to 30 pounds, and true handheld devices: pocket-sized imaging Instruments that weigh no more than 3 pounds.

The concept for both types, however, Is the same-a miniaturized ultrasound scanner that can be easily carried and taken almost everywhere. “We serve five major core markets: radiology-including international radiology-bob/gym, cardiology, surgery, and emergency medicine,” said Dan Walton, vice president and general manager of Sonorities. Current-generation devices combine portability and ease of use with some of the high-end systems’ most popular features, such as color and power Doppler, as well as linear, phased-array, and intraregional probes.

Median’s new handheld device, the Pico, includes black-and-white display; color, power, and pectoral Doppler imaging; and even a ID component Powerful and innovative as they are, handheld ultrasound systems cannot yet match the power and image resolution capabilities of high-end systems. The main advantages that both physicians and vendors attribute to handheld systems are portability and price. Handheld ultrasound can be used In any situation In which It Is better to move the equipment rather than the patient, Guiros said.

Radiologists could go with a handheld or any other portable equipment to the intensive care unit, for example. Handheld can be more easily managed in the limited space around patients who are initiated. Moving the little machines around doesn’t disrupt the radiology department’s workflow, as the bigger machines remain in place and operational. Prices are relatively low, ranging from $10,000 to $33,000. Key Market Issues – According to the medical device industry respondents, China, India, Brazil, Russia, and Eastern Europe are expected to offer the most Industry growth opportunities In 2015.

Price and quality are often cited as primary factors that determine purchasing decisions of medical devices. Other considerations are reliable and prompt after sales service. For large government procurement, purchases are typically made via The projected average size of the global annual marketing budget for supplier companies in the medical devices industry in 2012 was IIS$I . 7 million, but this decreased to IIS$725,OHO in 2013. The U. S. , Japan and Germany are the top three leading suppliers of medical equipment in Singapore.

There are a significant number of companies that have established a presence by setting up there regional headquarters here in an effort to be closer to and better serve their customers. The U. S. Enjoys a good reputation and is recognized by the industry as technologically period, providing high quality, advanced and reliable equipment. How ever, the relatively higher cost of equipment has dampened the demand for U. S. Products, which has driven Singapore companies to seek suppliers from other established markets.

In 2004, Singapore total market size for medical devices was estimated to be IIS$535 million. According to trade sources, the market for medical devices will continue toast such, U. S. Companies with revolutionary or cutting edge medical technology or focus on health screening and disease management would find Singapore an ideal place to munch their products. Doctors here are also pushing ethical and professional standards, and it is expected that every major hospital in Singapore will have attained the widely recognized American mark of quality health care.

One private and six public hospitals have been accredited by the Joint Commission International OIC), the overseas arm of the United States’ main hospital accreditation agency. Grow in view of Singapore position as the region’s medical and research hub. Singapore provides a high level of medical services at a relatively low cost compared to other developed countries. The average Singapore household spends IIS$54 a month on healthcare, excluding Medieval, or 3. 0% of monthly expenditure. Competition Medical professionals regard the U. S. S the leader in medical research and development (U. S. R&D is considered five years’ ahead of other developed countries), and are continuously seeking new devices from the U. S. However , the U. S. Is not price competitive in the lower-end consumables, typically supplied by manufacturers in more labor abundant countries throughout Asia. For high technology equipment, the after – sales service provided by the manufacturer’s gent/distributor is an important factor. Major competitors of the U. S. Are medical devices from Germany, other European countries, Japan and Australia.

Local production by multinational corporations and indigenous Singapore companies is primarily for export. Over the past 10 years, the Singapore government has successfully developed the manufacturing sector for medical devices. Under the Economic Development Board’s (DB) promotion plan, the medical manufacturing sector is one of the areas of the life sciences Indus ray, which is targeted for growth. Pharmaceuticals manufacturing is the other area. End Users revisers and together they provide excellent healthcare services and offer choices to both Singapore and foreign patients.

Demand for medical devices comes from public and private hospitals and clinics. The Ministry of Health (MOM) is the largest consumer, accounting for nearly 70% of local demand. The Parkway Group, owner of the three largest private hospitals in Singapore,is also a significant consumer of medical devices. More than 80% of local demand is met through imports. For the private sector, purchase decisions are made by the end users of the equipment in insulation with the hospital’s Meds. Suppliers of U. S. Reduces are required to aggressively market their products and keep abreast of requirements of the healthcare institutions.

Market Entry U. S. Companies who are new to the market and interested in exporting to Singapore may consider appointing a local distributor to represent their company’s product and services. Given the small market size of the island state, most potential distributors would request for exclusive rights to sell the product. This will ensure that they commit their resources to promoting the product to the appropriate end users and reap the returns should d a sale materialize. This will also demonstrate the U. S. Exporter’s commitment to the local market.

There is no special legislation in Singapore covering agency agreements. Such contracts should be based on mutually agreed terms and conditions between the two parties. Depending on the medical equipment, the U. S. Company will be required to either provide samples, or accord special rates to the potential distributor for “demo units”. The potential distributor will use the samples to conduct a survey of the market to ascertain interest in the product while the “demo units” will be used as they demonstrate the U. S. Products’ technology to the potential buyers.