Factors such as changing consumer behaviour, increased competition, rapid technological transformation and regulatory uncertainty are constantly influencing price, innovation and service quality within the Indian healthcare sector. Hence, top medtech companies are reinventing their branding strategies to achieve brand equity
Did you know why top multinational medtech companies so far have a competitive edge over its domestic opponents in India?
Largely people would attribute this advantage to the brand equity these top companies savour. In some ways that is a valid viewpoint. Authors and branding experts Denise Creary, Mortgage Processor, Bank Atlantic and Corey Shore Executive Director, JPMorgan Chase write that brand names have the potential to influence market structures. It also has the ability to shift demand curves of products in any given industry.
Amit Mookim, GM, South Asia, Quintiles IMS, opines that a strong brand image enables organisations to earn customer loyalty, command high prices as well as leverage brand equity and expand their offerings. For instance, top medtech multinationals world over have enjoyed brand equity which enables them to capture huge market shares as well as monopolies in certain product segment across globally.
This global dominance for a long time has also influenced consumer behaviour in India, making them market leaders in here.
Chandu Mukkavalli, Partner-Business Advisory Services and Narendra Sengupta, Director-Advisory services, EY, are of the opinion that brand image has facilitated top medtech companies in India to enjoy price advantage over their competitors. It has also earned sweet spots within the sector.
An analyst from a reputed company, who does not wish to be quoted cites examples of how top medtech companies have market control on certain product segments in the market. He informs that, Siemens holds a large market share for MRI systems in India, GE Healthcare dominate the ultrasound segment globally and infant warmers in the emerging markets, Medtronics is famous for its stents and J&J for orthopaedic implants.
Denne historien er fra Express Healthcare (Vol.11, No.4) April, 2017-utgaven av Express Healthcare.
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Denne historien er fra Express Healthcare (Vol.11, No.4) April, 2017-utgaven av Express Healthcare.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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