Siemens Medical Solutions, one of the leading medical solutions providers, said it would increase its presence in China and aim to make the country its second-largest market after the U.S.
"China is one of the major markets in which we're focusing major investment for our future development on the world stage," said Steven Feinberg, president of Medical Solutions Group, Siemens Ltd. China.
"We attach a strategic importance to research and development in our long-term investment in China," said Mr. Feinberg, saying Siemens is spending a "growing proportion" of its total budget on the R&D division.
According to company sources, Siemens' medical arm injected 9 percent of its total sales revenue into R&D during the 2002 to 2003 fiscal year, reaching 674 million euros (approx. U.S. $903 million).
The medical equipment company aims to reach every province in China, by extending its number of local offices to 33 by the end of September, from the current 25 offices, Mr. Feinberg said. These offices provide customers with sales, inquiry, and product maintenance services, according to the company.
Currently Siemens Medical Solutions has three R&D bases in the country and four manufacturing bases, with a new research and manufacturing base to be opened in South China's Shenzhen the week of March 21, 2005, said Mr. Feinberg.
Mr. Feinberg said the much-coveted market is now expanding by 15 percent each year, and he foresees a demand for new-tech products and professional medical solutions.
Siemens Medical Solutions witnessed global sales revenue of 7.1 billion euros (approx. $9.5 billion) for the 2004 fiscal year, and made a profit of 1.05 billion euros (approx. $1.4 billion), said the company.
Of global sales, nearly half came from the U.S.--Siemens Medical Solutions' largest market, nearly 20 percent from Europe and 10 percent from China, Mr. Feinberg said. (China Daily)
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