Should your firm enter the Canadian MD&D market?
(An opinion piece by Sean Chaudhry, President & Principal Consultant – CanSummit™ Canadian Medical Devices & Diagnostics Consulting)
Business world is about making choices and managing priorities! An important decision many MD&D firms face is which global markets to target and how.
Canada, I believe offers a very compelling choice to any globally inclined MD&D manufacturer. Here’s why:
G7 market with almost $6 billion in annual national sales within the MD&D sector
Widely regarded as a Top 10 global MD&D market by size
Developed healthcare system with universal health coverage for Canadians and an aging population (>30% population was 55 years or older as per the 2016 census data), which means a strong and increasing demand for medical devices in general
Large, active health care consumption and health care provider community e.g.
> 430 million lab tests each year
> 3.7 million surgeries each year
> 86,000 physicians
> 10,000 surgeons
> 425,000 registered nurses
> 19,000 physiotherapists
> 17,000 occupational therapists
> 8,500 chiropractors
> 1,450 hospitals
Strong ongoing emphasis on quality and value means the sales and profit potential is excellent for companies active in the Canadian MD&D market
Transparent, responsive regulatory environment designed to make high quality healthcare products available to Canadians
Therefore, overall for most MD&D firms, Canada should represent a highly attractive market with excellent market potential. Most certainly, an important market to consider entering.
Should your MD&D firm enter the Canadian market? At CanSummit, we think at the minimum, you should seriously consider entering the Canadian market and if the business case specific to your firm & medical devices is compelling then this should be something very high on your priority list … so our answer would be a YES!
A few really crucial initial questions to think about are … How BIG and REAL is the Canadian MD&D market for your company? How can you win in the Canadian market? What regulatory requirements would apply to your devices?
At CanSummit, we specialize in answering these questions and any other questions you might have about the Canadian market entry for your specific medical devices. To learn more, schedule your no charge introductory consultation, explore our CanSummit™ Canadian MD&D Market Entry System, register for our educational webinars, on the Canadian market, learn more about us, or contact us.
What do you think? Share your thoughts below. I look forward to hearing from you …