Two decades ago, Singapore-based Biosensors International developed an innovative drug-eluting stent with a bio-degradable polymer. But rather than focusing on the US market, the company built an enormously successful business by targeting China – and other Asian markets – well before any other company had identified China as an important market. In this interview, Biosensors founder and former CEO Yoh-Chie Lu talks about Biosensors’ success and the evolution of the Chinese market.
For years, and even today, conventional wisdom in medtech has held that companies could only be successful if they were willing and able to tackle the US market, the largest in the world. Even businesses based on penetration in Europe or Japan, two major markets in their own rights, wasn’t deemed sufficient for true success.