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Med-Tech Industry Entry Strategy Analysis under COVID-19 Impact.
I-Ching Fang1, Peng-Ting Chen1,2, Hsin-Hui Chiu3
1Department of Biomedical Engineering, National Cheng Kung University, Tainan 701, Taiwan.
Healthcare (Basel, Switzerland)
|October 29, 2020
Summary
The COVID-19 pandemic created production challenges for the Med-Tech industry. This study identified key entry strategies, revealing a common path focusing on regulatory systems, operational resources, and marketing promotion for industry growth.
Area of Science:
- Health Economics
- Medical Technology Management
- Business Strategy
Background:
- The COVID-19 pandemic significantly disrupted the Med-Tech industry, causing surges in demand for products like masks and protective gear.
- The industry faces substantial challenges in production capacity, including raw materials, equipment, and human resources, necessitating increased productivity and external investment.
- Understanding effective entry strategies is crucial for navigating the pandemic's impact on the Med-Tech sector.
Purpose of the Study:
- To analyze entry strategies for the Med-Tech industry under the influence of the COVID-19 pandemic.
- To identify and prioritize key driving factors for successful market entry.
- To provide insights for both existing operators and new investors in the Med-Tech sector.
Main Methods:
- Developed five driving factors for Med-Tech industry entry strategy analysis.
- Conducted an opinion survey with 99 valid questionnaires from vendors, channels, and end-users.
- Utilized the Importance-Performance Analysis-Network Relation Map (IAA-NRM) approach, incorporating the Decision Making Trial and Evaluation Laboratory (DEMATEL) technique.
Main Results:
- Identified a common strategic pathway for Med-Tech industry entry: regulatory systems, followed by operation resources, and then marketing promotion.
- Vendors and end-users share similar priorities regarding industry attributes and barriers to entry.
- The IAA-NRM approach effectively verified the importance and implementation priority of identified entry strategies.
Conclusions:
- The study provides a clear strategic roadmap for entering the Med-Tech market, emphasizing regulatory compliance and resource optimization.
- Findings offer valuable guidance for Med-Tech companies seeking to enhance productivity and attract investment during and after the pandemic.
- The research highlights the convergence of perspectives between vendors and end-users on critical market entry factors.
