Based on a recent analysis of the patient monitoring market, Frost & Sullivan is presenting Mindray with the 2011 Latin America Medical Devices Company of the Year Award. This award recognizes Mindray's accomplishments and superior performance in patient monitoring industry in the region, considering a broad portfolio of mid and high end devices such as bedside monitors and central stations, diagnostic cardiology and anesthesia.
The Frost & Sullivan Award for Company of the Year is presented to the company who exhibits excellence in Growth Strategy, Innovation with New Products and Technologies, Leadership in Customer Value and Market Penetration and is perceived to exhibit outstanding management and consistent growth. Besides, the company must offer high quality products and/or services. In 2010, Mindray recorded over 30 per cent year-over-year growth in the Latin American market.
Mindray is constantly looking to develop and introduce new products to the market in order to strengthen its position in the region. With six R&D centers in China, two in the United States and one in Sweden, Mindray will continue to invest approximately 10 per cent of its total revenues in research and development activities to launch 7 to 10 new products in 2011.
The company's strategy in the Latin American market is to increase its penetration by focusing on small and medium hospitals. This has proven to be successful, as reflected by its market share gain year by year. "Mindray is capitalizing on this opportunity by providing high quality products at competitive prices, which has enabled it to record significant growth rate in the region," says Marina Dividino, Frost & Sullivan Industry Analyst for the Healthcare sector.
With three established local offices in Brazil, Mexico and Colombia, Mindray has sought collaborative opportunities with local partners. The company has been launching new products to Latam consistently to expand its portfolio offering. Besides, Mindray also shows leadership in customer value as they are investing heavily in support services, and has established an internal policy to assure its clients a response within 24 hours. "Our unique and rigorous approach to research provides a 360 degree view of industry challenges and key trends, and found Mindray to have a proven ability to deliver excellence and best practices as a leader in the patient monitoring market for Latin America," said Marina Dividino.
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Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation and implementation of powerful growth strategies. Frost & Sullivan leverages 50 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 40 offices on six continents.
Mindray (mindray.com) is a leading developer, manufacturer and marketer of medical devices worldwide. The company maintains global headquarters in Shenzhen, China, U.S. headquarters in Mahwah, New Jersey and multiple sales offices in major international markets. From its main manufacturing and engineering base in China and through its worldwide distribution network, Mindray is able to supply internationally a broad range of products across three primary business segments, comprised of patient monitoring and life support products, in-vitro diagnostic products and medical imaging systems.