This Award is presented in recognition of the leading Chinese patient monitoring manufacturer’s continuous global expansion through competitive pricing and the worldwide presence of its sales and marketing support teams.
"Mindray has been quite successful at gaining a strong foothold in the international markets in recent years. Leveraging its brand recognition, global sales network covering 140 countries through over 800 distributors, world-class R&D platform, and competitively priced products, Mindray has gained market share in an impressive array of market demographics."
Already a major participant both in established international markets such as Germany, the United Kingdom, France and Italy as well as high-growth emerging markets which include India, Russia, and Turkey, Mindray is poised to play a larger role in the global patient monitoring market. The company has also established an office in Mumbai, India this year and offices are scheduled to be set up in five more locations; Russia, Canada, Brazil, Mexico, and the Netherlands.
"Over the past three years, Mindray’s number of employees has grown from 880 in 2003 to over 2,700 people globally by the end of 2006," states Arani. "This rapid expansion of personnel is a testament to Mindray’s constant success and acceptance in new markets, and also its commitment in providing gold standard customer support in each geographic area that its products are sold in."
Mindray’s products have encountered a higher than average demand in Europe, where for the first half of 2006 alone, European sales jumped from 8.1 percent to 16.9 percent of revenues. Considering the similarity of the western European and the North American markets in terms of demand and competition, similar success in the North American medical imaging and patient monitoring markets is expected.
Continued R&D activities have been another key to Mindray’s exceptional success. Historically, the company has allocated 10 percent of its total revenues to R&D spending. This attention to innovation has resulted in the introduction of 20 new products from 2003 to 2005.
"As no patient monitoring manufacturer has developed significant manufacturing practices in China for international exports, Mindray’s primary competitive advantage is expected to remain intact in the near future," adds Arani. "On the other hand, as its international market share is expanding, the company continues to build operations closer to its end users, thus providing better quality and efficient services to both its end users and distributors."
The Frost & Sullivan Global Excellence Award is bestowed each year upon the company which has demonstrated global excellence in a given business function such as sales, marketing, customer service, technology innovation, product quality, supply chain management, and growth strategy. The Award recipient has distinguished itself through its proactive global integration strategies that position the company to emerge as a global leader.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.
About Mindray Medical International
Mindray Medical International Limited (mindray.com) is a leading developer, manufacturer and marketer of medical devices in China with a significant and growing presence worldwide. Established in 1991, Mindray offers a broad range of products across three primary business segments: patient monitoring devices, diagnostic laboratory instruments, and ultrasound imaging systems. Mindray is headquartered in Shenzhen, China, and has 29 local sales and service offices in China, as well as sales and service offices in Boston, Istanbul, London, Mumbai, Seattle and Vancouver.
About Frost & Sullivan
Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics.