Boston Scientific Finalizes Five-Year, $150 Million Deal to Expand Presence in China
July 29, 2011 — Boston Scientific Corporation's board of directors has approved a five-year, $150 million investment to expand its commercial presence in China, one of the world's largest and fastest-growing medical device markets.
This new venture will support the establishment of a local, wholly owned manufacturing facility focused on serving Chinese market needs and developing a world-class training center for Chinese healthcare providers. The training facility will offer instruction on the latest medical device procedures, utilizing therapy-oriented education and a cutting edge virtual learning environment.
In addition to other activities, the company also expects to further invest in research and development (R&D) and clinical studies while increasing its employee base in China from approximately 200 to more than 1,200.
These initiatives are expected to drive an expansion of Boston Scientific's current sales force to approximately 700 employees and the creation of a fully staffed manufacturing infrastructure, enabling Boston Scientific to better bring its technologies to Chinese physicians and their patients.
As a result of this increased investment, as well as current and anticipated initiatives, the company now expects to increase its revenues in China to more than $500 million by the end of 2016. Current estimates put the target Chinese market in excess of $1 billion, with approximately 20 percent growth annually.
For more information: www.bostonscientific.com