Monday, April 3rd, Medistim announce that they are expanding their market coverage in China by establishing a direct sales office. This move is part of the company's ongoing commitment to providing exceptional service to customers as well as fulfilling the company’s global growth strategy.
More than 60,000 coronary bypass procedures are performed in China annually and the number is expected to continue to grow high single digit in the years to come. Today, about 70% of these procedures are supported by Medistim’s equipment, which is installed in all the nation’s top 10 cardiac surgical centers. The company is well positioned to continue its growth by further expanding the local distributor network and building on the ongoing conversion from devices with Transit Time Flow Measurement (TTFM) technology only, to devices combining TTFM and High-Frequency Ultrasound (HFUS). In addition, a large market within Vascular and Transplant surgery provides opportunities for further growth.
The new subsidiary, Medistim (Guangzhou) Medical Technology Co., Ltd., is a Wholly Foreign Owned Enterprise (WFOE) by Medistim ASA. It is located in Guangzhou in the Greater Bay Area, a region with a vision to become a leader within healthcare technology. Guangzhou is a major regional business center and hosts the Norwegian Consulate General office for South China.
Medistim take the opportunity to acknowledge and appreciate the longstanding and successful collaboration with Pacific Medical Systems Ltd (PMS) as a distribution partner in Greater China and Southeast Asia since 2004. PMS and its distribution network have established the Medistim brand from scratch to become the recognized standard of care in CABG surgery in China that it is today. PMS will remain a close partner for Medistim as a distributor in other Asian markets.
“We are excited to take this step forward with our direct office in Guangzhou and strengthen our relationship with our customers in China,” says Medistim President and CEO Kari E. Krogstad. “China represents a significant growth opportunity, and it is time to strengthen our presence in this key market. With our continued collaboration with PMS, 2023 will be a year of transition, as we build our own organization and develop the customer relationships. Over the next years, this change will help the company to further expand market presence and strengthen our position as a leader in the industry.”
“We believe that a world-leading Med Tech company like Medistim will prosper with the opportunities China can provide with their own subsidiary and provide new business development opportunities in this strong and growing market,” says Hege Araldsen, Consul General, Norwegian Consulate General Guangzhou.