My posts on advanced medical technology, drawing frequently from our market reports, are worth emphasizing for their global perspective. Some two decades ago, it became apparent to me that that the global market perspective is not reserved for big, multi-national companies and their global presence. My understanding of this came about from the experience of seeing clients of all sizes showing their interest — their compelling need — to examine markets outside the U.S. Whether trends like the formation of the European Union and the easing of trade across its member states’ borders, the odd appearance of market economies under Communist China, the economic development of democratic states in South America or even the emergence of newly accessible markets in Eastern Europe — too many changes were making it such that medium or even small sized companies could not overlook opportunities beyond their domestic borders.
Now, I would find it rather striking to see a company focusing its efforts on only one country. As a corollary, I find it equally striking that some market analyses are still peddled that focus only on specific countries. Certainly, I understand the somewhat misguided incentive to do so — it’s easier to focus on one country, one set of patient demographics, one set of regulatory challenges.
Yet, for the cost of product development, the consistent demand by patients for therapeutic outcome regardless of where they live, the available channels to get products into new countries, the ease with which competitors’ innovations will make it cross-border — it simply makes no sense to focus on one particular market.
So I rarely find the need among savvy clients to pressure them into broadening their perspective. They have already long since reinforced the premise, to me, that the information they seek on medical markets is not complete unless it considers the global perspective.
Because if they don’t get a good handle on global markets, they will promptly lose advantage to their competitors.