AsianScientist (Jul. 29, 2011) – Boston Scientific Corporation’s Board of Directors has approved a five-year, US$150 million investment in China to expand its commercial presence in one of the world’s largest and fastest-growing medical device markets.
This new investment will support the establishment of a local, wholly owned manufacturing facility and a training center for Chinese healthcare providers that also offers device simulation.
The company will also further invest in R&D and clinical studies and increase its employee base from approximately 200 to more than 1,200.
As a result of this increased investment and future initiatives, Boston Scientific now expects to increase its revenues in China to more than US$500 million exiting 2016, in a target market valued at more than US$1 billion and growing at approximately 20 percent annually.
“The Chinese medical device market, while rapidly evolving and challenging, presents a significant growth opportunity for the Company,” said Ray Elliott, President and Chief Executive Officer of Boston Scientific.
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Source: Boston Scientific Corporation.
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