The healthcare sector in India previously functioned predominantly (70 to 80%) by importing highly specialised medical devices from foreign countries like the U.S and Germany. However, due to several new schemes and additional support from the Government of India, the export of medical devices from India is rising. The Indian Medical Device industry is expected to grow by more than 35% CAGR by 2025.
With export opportunities increasing, a B2B platform to help with global export is the need of the hour.
What is a B2B platform and how the Indian medical device manufacturers will benefit from it is what we are going to see in this article.
A glimpse into the Indian medical device manufacturing market
Indian medical device manufacturing companies range from the state of the art companies that are internationally active to small firms which are limited to their local area of business.
“Around 65% of the manufacturers in India are mostly domestic players operating in the consumables segment and catering to local consumption with limited exports. Large multinational corporations lead the high technology end of the Medical Devices market in India with extensive service networks. There are 750–800 domestic Medical Devices manufacturers in India, with an average investment of $2.3–2.7 mn and an average turnover of $6.2-6.9 mn. There are also around 6000+ health-tech startups in India.”[1]
With the rise and popularity of medical tourism, the constant demand for quality medical devices has been growing exponentially.
“In October 2021, the government of India announced a plan to draft a new drug, cosmetics, and medical device bill to increase the acceptability of Indian medical devices in the global market. In November 2021, the ICMR has collaborated with IITs to establish and set up centres for Make-in-India product development and commercialisation in the medical device and diagnostic space ” [2]
These sectors have ever since attracted several investment opportunities. The market size of the Indian medical devices industry is estimated to be around $11 billion and is expected to surpass $50 billion by the end of 2025 with a compound annual growth rate (CAGR) of 35%. Several vital initiatives, schemes like production linked incentive (PLI), and the Indian Government’s support to boost domestic manufacturing and exports have opened opportunities for mid-level and start-up companies to expand their horizons internationally. This being said, many companies require a reliable and cost-effective marketing strategy such as using a B2B platform. These platforms will play a vital role in opening up new horizons globally.
A B2B platform evens out the marketing field for companies of all tiers providing equal opportunities for smaller firms to explore and expand internationally. A dedicated B2B platform that explicitly focuses on the global export of medical devices will simplify medical device purchases globally.
So What is a B2B platform?
For a business to grow and expand, buying, selling, and sharing products, services or pieces of information with other companies is an undeniable requirement in today’s market. A B2B platform facilitates these processes by creating a cost-effective, reliable interface for the businesses to exhibit their products for global reach and thereby deriving benefit from it. The online B2B platforms seem to be an important growth factor when it comes to international marketing and sales from one country to another. So then comes the question of what are the advantages of opting for the B2B platform.
What are the services a B2B platform provides for its customers?
International Leads, curated lead data like company profile, contact person details, import-export history are just a few examples of the services provided which will help the manufacturers to excel in the global market.
How Medzell comes to the rescue of Indian medical device manufacturers?
The free registration option in Medzell allows Indian Medical Device Manufacturers to get access to global leads from International dealers and distributors who show exclusive interest in their products directly without any restrictions. Apart from this, premium subscription options at very affordable rates are available that suit various types of needs and interests.
Indian manufacturers opting for B2B services with us will be able to explore, expand and gain more profit compared with their counterparts. Diverse evident options both for the distributors and manufacturers make this platform a one-stop solution for all business needs. Below is a list of the services that set Medzell apart from the existing marketing options in the market:
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Options to create product-specific catalogues and pricing, varied ordering, and payment options create ease for international buyers/distributors to skim through the content at any time and within the comfort of their homes.
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Access to curated data from the manufacturers and information about credible leads benefits both sides in equal measures making the gruelling data collection process look like a walk in the park.
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Regulations concerning medical devices vary largely throughout the globe, the ability to control the visibility of products with regard to the regulation of the target regions increases the possibilities of being noticed and hence creates better chances for global expansions.
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Without the hindrances of language barriers, tedious and time-consuming sales pitches, Medzell provides an improved and precise customer experience, where customers can easily navigate through the products, understand the features and ask questions that are relevant to the customer’s point of view.
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Enabling the sellers to get direct customer feedback which in turn will assist in the overall development of the company if implemented.
Medzell has been designed to overcome the existing horizontal marketplaces and provide a dedicated B2B online gateway for Indian Manufacturers and International Distributors to explore, connect, and evolve. This platform will help leverage the medical device sector in India and is one of the first platforms solely developed for the cause of marketing Made-in-India medical devices.
With the growing interest in the Indian medical manufacturing field, a B2B platform like Medzell which exclusively focuses on Indian medical device manufacturers is a golden opportunity waiting to be utilised by more companies. If you would like to start marketing your products for global reach, you can connect and Register Now for free.
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