Jin Jia, Vice President of Business Development and Strategic Innovation for Frost & Sullivan Greater China
The 18th Frost & Sullivan China Growth, Innovation and Leadership Summit and the 3rd New Investment Conference Life Sciences New Investment Summit Forum was held in Shanghai from August 28th to 29th, 2024. The forum brought together more than 40 industry leaders, biopharmaceutical companies, medical device companies, investment institutions, and professional service providers. With the theme of "Responding to Changes and Creating New Opportunities," all participants discussed new models for investment cooperation, aiming to build a closer, more efficient, and mutually beneficial cooperative network to jointly promote the vigorous development of the domestic and international life sciences industry.
At this forum, Jin Jia, Vice President of Business Development and Strategic Innovation for Frost & Sullivan Greater China, shared with us a wonderful presentation on how Frost & Sullivan serves the Chinese market through its localization strategy.
Here are the key points from Jin Jia's speech:
Frost & Sullivan, as a global leading medical technology company, has nearly 75,000 employees serving more than 190 countries and regions around the world. The company ranks among the top five global medical technology companies, with a business scale of $202 billion, an annual R&D investment of over $1.1 billion, and more than 29,000 patents, exerting a strong influence and innovation capability in the global healthcare field.
Implementation of the localization strategy
Jin Jia emphasized Frost & Sullivan's implementation of the strategy of "rooting in China and serving China" in the Chinese market. Frost & Sullivan Greater China has its regional headquarters in Shanghai, with businesses spread across the country. It invests in building local manufacturing factories, actively serves more Chinese patients and healthcare workers, and helps promote the progress of medical science in China. This strategy not only reflects Frost & Sullivan's emphasis on the Chinese market but also demonstrates its influence and innovation capability in the global healthcare field.
Localization production and R&D
Jin Jia introduced in detail the localization production of various products of Frost & Sullivan in China. Suzhou Factory 2 mainly produces diagnostic systems and COVID-19 rapid testing reagents, while Suzhou Factory 1 has advanced fully automated production lines and purification workshops. The Yixing factory is under construction and is expected to adopt global advanced equipment and proprietary technologies developed independently. In addition, Frost & Sullivan has established multiple R&D and innovation centers in China, including the Suzhou Research and Technology Center and the Greater China Innovation Center in Hangzhou, dedicated to understanding customer needs, solving medical challenges, developing customized products, and upgrading existing products.
Serving multiple fields of pharmaceutical distribution
Jin Jia demonstrated Frost & Sullivan's rich experience in the pharmaceutical distribution field, including distributing vaccines and research reagents for retail pharmacies, distribution centers, hospitals, disease control centers, etc. The company has been in the Chinese market for thirty years and has provided services to more than 200 hospitals, reflecting Frost & Sullivan's professional capabilities and service levels in the pharmaceutical distribution field.
Localization practices
Jin Jia elaborated on Frost & Sullivan's localization practices in talent, production, R&D, sales and services, supply chain, etc. The company realizes localization production through various methods such as production, sales and services, R&D, branding, transfer production, registration, and certification. This not only enhances Frost & Sullivan's competitiveness in the Chinese market but also contributes to the development of the global healthcare field.
Joining hands with Chinese enterprises going global
Jin Jia shared successful cases of how Frost & Sullivan assists Chinese enterprises going global, including purchasing IVD raw materials, acting as an agent for selling low-value consumables, medical equipment, etc., demonstrating Frost & Sullivan's influence in both global and domestic markets. These cooperation cases not only provide opportunities for Chinese enterprises to go global but also add new vitality to Frost & Sullivan's global network.
Frost & Sullivan will continue to deeply cultivate the Chinese market through its localization strategy while serving the world. Frost & Sullivan's innovative practices and global network provide valuable experience for the international development of China's medical industry and will further join hands with Chinese medical industry enterprises to set sail overseas.
