[Explanation] Recently, under the guidance of the Network Communication Bureau of the Central Network Information Office, the Internet Information Office of the Shanghai Municipal Party Committee and China News Network hosted the "New Era, New Opportunities-Multinational Enterprises in China" online theme publicity interview group visited many multinational enterprises in Shanghai .
Medtronic is one of the first multinational medical technology companies to enter China. It has developed in China for more than 30 years. Since 2005, Medtronic has successively established innovation centers in Shanghai and Chengdu. China has also become the only Medtronic in the world with two A single market at the center of innovation.
A variety of innovative products developed locally are sold at home and abroad.
Medtronic Global Senior Vice President and Greater China President Gu Yushao said in an interview with reporters that he is very optimistic about the prospects of the Chinese market.
[Concurrent] Medtronic Global Senior Vice President and Greater China President Gu Yushao
Our Chinese market is the only (single market) that has two innovation centers at the same time.
We have always believed that the Chinese market, especially the medical and health market, including our medical device market, will be the largest market in the world one day.
In the future, we also hope that the Chinese market will not only be a production base, but also a major source of innovation one day.
[Concurrent] Medtronic Global Senior Vice President and Greater China President Gu Yushao
We believe that there is a reason why the Chinese market will be the largest market for medical devices in the future.
First of all, China is a country with a large population, and there will inevitably be an aging population, so these rigid needs exist there.
Second, China has the largest medical care group, and many innovations in medical devices come from our frontline medical staff. Their clinical experience is fed back to our product managers, and then new innovations emerge.
Third China has the best supply chain, including our engineer group.
We just mentioned that medical devices are an industry that integrates all innovations. Naturally, we believe that China's medical device industry will become one of the sources of global medical device innovation in time.
[Explanation] In 2021, Medtronic signed an investment agreement with Shanghai Lingang New Area, becoming the first Fortune 500 multinational medical company to invest in Lingang.
The medical technology industrial base project has been officially launched in November 2022.
Gu Yushao said that this "Shanghai speed" surprised colleagues all over the world.
[Concurrent] Medtronic Global Senior Vice President and Greater China President Gu Yushao
Lingang is a project that we officially launched in November last year. It took less than a year from the signing of the contract to the start. Our colleagues in the global headquarters have witnessed the "Shanghai Speed" and "Lingang Speed".
We expect that the Lingang project can exceed our expectations in the future. It can be produced before 2024, and then (the product) can be launched before 2026 to serve our local patients.
[Concurrent] Medtronic Global Senior Vice President and Greater China President Gu Yushao
We believe that in the past 30 years in China, we have been witnesses, participants and contributors to the development of the entire industry, including Shanghai.
We are also deeply aware that the business environment is constantly improving.
Especially since the beginning of this year, we have seen a lot of information, including some specific actions of the government, so that we have confidence in the business environment this year, including the next 4-5 years.
Zhou Sunyu Kang Yuzhan Li Qiuying
Responsible editor: [Li Ji]