Sixth CIIE to bring medical companies with more prospects
In line with China's efforts to create more favorable conditions for global companies to grow in its vast and lucrative market, the annual China International Import Expo (CIIE) has been critical in promoting investment opportunities, executives at several multinational companies have said.
An exhibitor connects with a buyer from the Medical Equipment & Healthcare Products Exhibition Area during the fifth China International Import Expo in November 2022.
January 11, 2023 - The world's top 15 pharmaceutical companies and the 10
largest medical equipment makers were present at the fifth CIIE held from Nov 5
to 10 this year. According to the CIIE Bureau, the event's organizer, the total value of contracts inked at the event grew 3.9 percent year-on-year to $73.52 billion.
Business executives and market watchers said the CIIE has already become a signature event of China's opening-up, and an avenue to showcase innovative solutions.
Some have even said the expo is the perfect platform to tap the potential of
the country's lucrative and vast market.
Many have also noted that the CIIE's success indicates China's economic prospects are bright.
More than 100,000 square meters of exhibition space for the next CIIE have already been reserved, according to the CIIE Bureau.
Riding on the influence of the past four CIIEs, many of five-time CIIE exhibitor Johnson & Johnson's innovative products and healthcare solutions were able to gain quicker access to China.
"The CIIE is an important initiative taken by the Chinese government to expand opening-up and win-win collaboration, support innovation and create a better international business environment," said Will Song, global senior vice-president of Johnson & Johnson and chairman of Johnson & Johnson China in a recent interview.
After participating in the CIIE for the first time in 2019, Boston Scientific Corp has established a new branch in Shanghai and produced one of its pillar devices
domestically, which was presented at the expo this year.
"We can now localize the manufacturing of medical systems in China that were previously imported. This will help us adapt to the market environment a lot faster and tailor our products to the needs of Chinese customers," said June Chang, president of the company's China unit.
Another company that has benefited from the CIIE is USANA, a US-based global nutritional product company that first entered China in 2010. USANA, which made its debut at the 5th CIIE, said that China is now its largest market and accounts for nearly 50 percent of its annual sales.
"As China's Healthy China 2030 initiative and ongoing consumption upgrades continue to gather pace, Chinese customers are becoming more aware of healthy lifestyles and are demanding for more health products," said Sun Lei, executive director of sales operations and business development of the USANA BabyCare.
"The huge potential of the Chinese market has encouraged us to continuously innovate and introduce more products and services for Chinese customers."
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Brief business dialogues during the fifth China International Import Expo.
