Mindray Recognised by Frost & Sullivan for Its Global Expansion and Acquisition Strategy
By Frost Sullivan, PRNESunday, May 23, 2010
LONDON, May 24, 2010 - Based on its recent analysis of the patient monitoring market, Frost &
Sullivan recognises Mindray Medical International Limited (Mindray) with the
"2010 European Patient Monitoring Excellence in Globalisation Award."
Mindray, which maintains its global base for product development, engineering
and manufacturing in China, employs a vertically integrated operating model
that enables the company to benefit from unique cost savings and
efficiencies. Mindray recently strategically moved its New Jersey outsourced
manufacturing capabilities to China in an effort to leverage low-cost
technical expertise, labour and raw materials as well as gain a distinct
competitive edge in international markets.
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In 2008, Mindray acquired Datascope's patient monitoring business in the
United States to become the world's third largest patient monitoring brand.
This acquisition expanded Mindray's presence outside China as well as its
existing worldwide distributor network through the addition of direct sales
networks in the United States, the United Kingdom and France.
"The acquisition has also assisted Mindray in effectively understanding
market trends, conditions and the changing needs of customers," says Frost &
Sullivan Research Analyst Akanksha Joshi. "Mindray expects the acquisition to
serve as a strong platform to support sustainable growth of its international
business; Mindray has sold its products in more than 160 countries through 13
overseas offices."
The company has worked to form strong, long-term relationships with its
suppliers to widen its global base and gain significant cost savings through
volume. Generally, Mindray enters into annual contracts with suppliers,
allowing for periodic price negotiations that help to reduce manufacturing
costs and maintain strong profit margins.
Although the company actively looks to save costs, product quality is
paramount to Mindray. This is evidenced by Mindray's independent quality
control system, which is dedicated to quality control for the design,
manufacture, assembly and testing of products. Mindray was one of the first
companies to obtain Technischer Uberwachungsverein (TUV) International
Organisation for Standardisation (ISO) 9001/13485 Certification, the
Conformite Europeenne (CE) mark, as well as Food and Drug Administration
(FDA) approval. Mindray actively pursues the delivery of high quality in all
aspects of its product portfolio.
"Mindray has three primary product business segments - patient monitoring
and life support products, in-vitro diagnostic products, and medical imaging
systems," notes Joshi. "Mindray's patient monitoring division offers over 40
different models that monitor patient vital signs in intensive care units,
critical care units, operating rooms, emergency rooms and delivery rooms."
Mindray's product portfolio consists of 20 in-vitro diagnostic products
and more than 110 reagents that are used in clinics and hospitals to detect
various substances in patient samples such as blood, urine and other bodily
fluids. The medical imaging systems segment is composed of more than 15
models that help produce real-time images of blood flow and anatomical
movements using computer-managed sound waves.
Mindray's customer base primarily ranges from middle to low-end medical
device markets. In China, Mindray has the largest customer support and
service team with more than 1,000 sales and service staff that work closely
with over 2,000 distributors. This network enables the company to provide
domestic training, technical support and warranty as well as maintenance and
repair services to both end users and distributors.
"Mindray's broad product line and diverse product offering help the
company effectively compete against other international participants,"
observes Joshi. "Through its continuous efforts to improve manufacturing
efficiencies and reduce raw material costs, Mindray has been successful in
decreasing overall production costs and thereby, passing the cost savings
onto its customers."
Each year, Frost & Sullivan presents this award to companies that have
established a strategic global footprint and leveraged their global assets.
Award recipients have globally integrated their processes and systems,
offered enhanced value to customers, exhibited a wider perspective, and see
the world as a global community.
Frost & Sullivan Best Practices Awards recognise 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 Limited
We are a leading developer, manufacturer and marketer of medical devices
worldwide. We maintain our global operational headquarters in Shenzhen,
China, and multiple sales offices in major domestic and international
markets. From our main manufacturing and engineering base in China and
through our worldwide distribution network, we 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. For more information, please visit
www.mindray.com.
For investor and media inquiries please contact:
In the U.S.: John Capodanno FD Tel: +1-212-850-5705 Email: john.capodanno@fd.com Bryan Armstrong FD Tel: +1-312-553-6707 Email: bryan.armstrong@fd.com In China: Cathy Gao Mindray Investor Relations Tel: + 86-755-2658-2518 Email: cathy.gao@mindray.com
About Frost & Sullivan
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
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please visit www.awards.frost.com.
Frost & Sullivan Contact Information Jasmine Malone - Promotions Coordinator Phone: +44-207-915-7869 E-Mail: jasmine.malone@frost.com
In the U.S., John Capodanno, +1-212-850-5705, john.capodanno at fd.com, or Bryan Armstrong, +1-312-553-6707, bryan.armstrong at fd.com, both of FD, for Mindray; or In China, Cathy Gao of Mindray Investor Relations, +86-755-2658-2518, cathy.gao at mindray.com; or Jasmine Malone, Promotions Coordinator of Frost & Sullivan, +44-207-915-7869, jasmine.malone at frost.com
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