Abbott and Medtronic CEOs Outline China Strategies at China Development Forum 2024

Mar 26, 2024 00:02 CST Updated 00:02

Abbott

Diagnostic and pharmaceutical product manufacturers

Medtronic

Chronic Disease Medical Device and Therapy Developer

Source: Siyu MedTech; Editor: Li Yuanming

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March 24, 2024China Development Forum2024 Annual MeetingGrandly opened in Beijing, the conference schedule is from March 34th to March 25th, with the theme of "Continuously Developing China”。

This year's China Development Forum attracted about 100 heads of multinational companies, many of whom had packed and intensive schedules, showing their emphasis on and close ties with the Chinese market, as well as China's strong appeal to foreign enterprises.

The following is a partial list of participating CEOs excerpted by Siyu.：

Robert Ford:Chairman and Chief Executive Officer of Abbott Laboratories
Geoff Martha:Chairman and Chief Executive Officer of Medtronic
Rainer Blair:Global President and Chief Executive Officer of Danaher Corporation
Albert Bourla: Chairman and Chief Executive Officer of Pfizer
Bill Anderson: Chairman of the Board of Management, Chief Executive Officer of Bayer AG
Vasant Narasimhan: CEO of Novartis
Christopher S. Boerner:CEO of Bristol-Myers Squibb
Pascal Soriot:Global CEO of AstraZeneca

Reference Information:Li Qiang Attends the Opening Ceremony of the 2024 Annual Meeting of the China Development Forum and Delivers a Keynote Speech

Reference Information:Release | List of Main Foreign Representatives at the 2024 Annual Meeting of the China Development Forum

# Abbott

On the afternoon of March 24, 2024, "Special Seminar on the Greater Health Industry", Chairman and CEO of Abbott"Robert FordAttended this forum and participated in the "Group Discussion II" session of the symposium, offering suggestions and strategies alongside industry leaders on the topic of "Development of the Greater Health Industry."

Robert Ford said, "As human life expectancy increases, countries around the world are focusing onResource Allocation"Will face severe challenges. For the health industry, the government needs to take more proactive actions to address the future situation."

Moreover, Robert Ford stated, "Abbott is a global leading innovator with over 30 years of presence in China. The company's core vision is toBuild a real healthcare system where prevention outweighs treatment.”

▲Robert Ford

As an innovative company in the global healthcare field, Abbott's business spans more than 160 countries and regions worldwide.

Abbott's goal is:By 2030, provide health products and services to 3 billion people worldwide every year. Clearly, China, which accounts for about one-fifth of the global population, is an essential part of this goal.。

Abbott's vision for the future development of the health care industry closely echoes the goals outlined in China's "Healthy China 2030" Plan, which aims to improve the accessibility of medical services so that more people can enjoy good health and live vibrant lives.

At the core of this vision is to build a truly strong and innovative healthcare system, one that focuses on health promotion and disease prevention rather than the current system which mainly emphasizes disease treatment.

Advances in technology have made all this possible. Abbott'sContinuous Glucose Monitoring System "Abbott FreeStyle Libre"With five million users globally, this system can conveniently provide users with richer and more intuitive data and information.

Through the intelligent sensor "Small Round Piece" worn on the back of the upper arm andFreeStyle LibreConnected to a mobile application, users can easily access real-time glucose readings and other information anytime, anywhere, enabling more scientific management.Diabetes。

▲FreeStyle Libre^®Scanning Glucose Monitoring System

For over 30 years in China, Abbott has continuously introduced cutting-edge life sciences and innovative achievements across its core business areas, including diagnostics, medical devices, nutrition, and pharmaceuticals, to meet the growing healthcare needs of Chinese users.

At the same time, Abbott has continued to support the development and improvement of China's healthcare service system. It has successively established advanced production and R&D facilities, training centers, and customer experience centers in China, actively supporting the exchange and training of Chinese medical professionals.

# Medtronic

The "Group Discussion II" session on the afternoon of March 24, 2024, featuring Medtronic Chairman and CEOGeoff MarthaSimilarly participated in the "BigHealth Industry Symposium

Geoff Martha said: "ByDue to factors such as an aging population, rapid urbanization, and the extensive coverage of basic medical insurance,China is set to become the world's largest healthcare market and is expected to be an important source of next-generation healthcare technologies and scientific innovations.。Medtronic has a dedicated venture capital fund in China.，Medtronic globallyOnlyA market specifically established for regional risk investment funds, focusing on investing in Chinese medical technology startups.，Leveraging its global expertise to help these innovative products enter clinical trials faster and more effectively, benefiting more patients in China."

Geoff Martha also believes that technology will play a very important role in promoting human health and well-being in the future. People are continuously raising their awareness and demands regarding health, and many have established new body management plans for themselves, such as diabetes management, chronic disease management, and also management related to surgeries and medical devices.

▲Geoff Martha

2024 marks the 35th year of Medtronic's development in China, where China is also Medtronic'sThe Second Largest Single Market。

In 1989, Medtronic established its presence in Shanghai, China.EstablishedThe First OfficeIn 2011, Medtronic's Greater China headquarters was established in the Zhangjiang High-Tech Park in Shanghai, reporting directly to the global headquarters.

Currently, Medtronic has approximately 6,000 employees in China, with 12 regional offices, and its business covers four major medical fields: cardiovascular, surgical and critical care, neuroscience, and diabetes.

For many years, Medtronic has rapidly developed its market in China. Currently, Medtronic has introduced more than 700 innovative products and established a full value chain layout including R&D, production, sales, training, after-sales service, and investment funds. This includes 1 R&D center, 2 innovation centers, and 5 major production bases, providing a solid foundation for the company's long-term localized development in China.

It is reported that Medtronic was in China in 2005.ShanghaiEstablished the first innovation center, and the second innovation center in China was settled in 2021.Chengdu, since thenChina has also become MedtronicThe only company with two innovation centers worldwideMarket。

▲Medtronic Innovation Center Chengdu

These two major R&D centers are equipped with complete simulation training facilities, including operating rooms, catheter labs, etc., providing clinical physicians with a more realistic surgical training experience through highly simulated environments and advanced software and hardware facilities, and can train approximately 15,000 medical professionals annually on average.

Besides, Medtronic has established six factories across China, distributed inShanghai, ChangzhouAndChengdu. Including two in Shanghai, each respectively established inMinhang Pujiang TownAndLingang's, Changzhou two areKanghuiAndKangdi, Chengdu is the productionRenal DialysisProducts andDiabetesTwo factories of the product. Among them, Lingang Factory and Kanghui Factory have just been completed in recent years.

▲Medtronic Signs Agreement with Lingang New Area

In October 2021, Medtronic andLingang New AreaSign the investment agreement, becomingThe FirstMultinational medical companies investing in Lingang are jointly promoting the落地 of a medical technology industrial base project. The first phase of the factory's investment is approximately 300 million RMB, which will be used for the research and development and industrialization of products related to cardiovascular diseases. This is also Medtronic.For the first timeMove core business manufacturing to China.

In April 2023, the Medtronic Lingang Medical Technology Industrial Base held its completion ceremony and unveiling in Life Blue Bay, and began the construction of its first production line.

▲Medtronic Lingen Medical Technology Industry Base Completed

The establishment and development of Medtronic's Lingang Medical Technology Industry Base exemplifies "Shanghai Speed" and serves as a vivid microcosm of Medtronic's growth in China.

Medtronic Kanghui Changzhou Science and Technology Park Breaks Ground in Changzhou National High-Tech Zone, Set to Build Intelligent Manufacturing Center, R&D Excellence Center, Innovation Incubation Center, and Customer Experience Center, Becoming Medtronic's Global Production Base and Kanghui Medical’s Global Headquarters.

To promote innovation and breakthroughs in cutting-edge therapies, Medtronic established its China R&D Center in Shanghai in 2012, which features 14 self-built laboratories and a team of nearly 300 R&D and management professionals.

To date, the Medtronic China R&D Center has developed a total of 65 products, with more than 50 successfully launched in the market, and 23 achieving global sales.

In this regard, Medtronic has achieved a complete local value chain covering R&D, production, sales, clinical training, incubation, and funds. This has been Medtronic's relentless pursuit during its more than 30 years in China.

Currently, the company is planning in ChinaNewThe Innovation Center,联动ing with the three major centers in the future, will bring more high-quality products to consumers in China, which is worth our expectation.

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Editor-in-Chief | Zhao Qing Reviewed by | Yi He