China will soon become the largest medical care market in the world, said Duan Xiaoying, President and CEO of GE Healthcare Greater China, during the Fortune Global Forum held in Guangzhou, Yicai.com reported.
GE Healthcare, a subsidiary of General Electric, is betting big on the rapid growth of China’s healthcare market. The company will continue to increase investment, including financial and strategic targets in China, Duan added.
The company’s Biotechnology Park, located in Guangzhou, is on track for trial operations next year. The medical centre will adopt new models to establish a biotechnology ecology system, covering research, clinical trails and production.
Unlike a decade ago when medical enterprises simply exported medical equipment to the Chinese market, GE Healthcare now has developed, designed and manufactured medical devices in China.
Duan thinks the supply chain in China is faster and features lower costs, and by moving their American platform to China, expenditures could be reduced by 25%.