Becton Dickinson eyes $600 million revenue from China
China is already the second-largest market for the company after the US, said Vincent Forlenza, chairman of Becton Dickinson, Xinhu reports.
Medical devices, especially the infusion business, is still the largest revenue earner in China, said Forlenza, adding that Becton Dickinson's presence in the sector can be traced back to 1906, when it built up the first facility in the US to manufacture needles and syringes.
Becton Dickinson is one of the world's largest medical devices and diagnostics solution providers and has three facilities in China. All its China facilities are in Suzhou, Jiangsu province, with the third one commencing operations earlier this year.
According to Forlenza, there has been a huge exponential demand in China for products like needles and quick diagnostic kits. At the same time, the company is also furthering its localization efforts so that it can respond to market requirements quickly, he said.
China will be the world's second-largest medical technology market with a value of 55 billion U.S. dollars by 2020 and an average annual growth of 14 percent, according to a recent report from The Boston Consulting Group. ■