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Medtronic Opens New Office in Vietnam, Strengthens Hold in Asia
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Medical Device major Medtronic Plc (MDT - Free Report) recently announced the inauguration of its new office in Ho Chi Minh, Vietnam. This initiative is part of the company’s commitment toward globalization through improving patient outcome, optimizing costs and meeting local healthcare demand.
Over the past few years, Medtronic has been in the news for its healthcare access plan in Asia. As per the World Health Organization (WHO) report, chronic non-communicable diseases (NCDs) are responsible for major number of deaths in the continent. We believe that the latest office launch is strategic for the company as it is currently looking for ways to strengthen the health care system through collaborations with local stakeholders especially in the densely populated sections of the world like Asia.
The establishment of the new office will help Medtronic fortify its presence in Vietnam and support healthcare development in Southeast Asia – which is currently grappling with infrastructure and clinical capacity challenges. The country is unable to meet the healthcare demand of its growing population and therefore Medtronic is cashing in on this opportunity.
The company has targeted Vietnam this time, as according to the World Bank report; in 2015 this country recorded a 6% GDP growth rate, making it one of the fastest emerging economies with pressing need for medical technology and health care services. Medtronic is tapping into the vast demand in the country which crops from the growing incidence of cancer and heart diseases among young Vietnamese population. Medtronic plans to respond to the growing need of the local customers and patients. We are accordingly hopeful about Medtronic benefitting from its initiative to expand its footprint in the health technology market of Southeast Asia.
Fast Growing in Asia
In the first quarter of 2016, Medtronic reported a stellar performance in China, coutesy of its new ventures in the country. In South Asia of which India is the largest emerging market, the company has recorded double digit growth in all of its four businesses -- CVG, MITG, RTG and Diabetes. Around two months back, Medtronic had set up an office in Singapore to serve as a central hub for its future device development and services in the region.
Zacks Rank & Key Picks
Medtronic currently has a Zacks Rank #3 (Hold). Better-ranked stocks in the medical product sector are GW Pharmaceuticals plc , NuVasive, Inc. and Quidel Corp. (QDEL - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy).
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Medtronic Opens New Office in Vietnam, Strengthens Hold in Asia
Medical Device major Medtronic Plc (MDT - Free Report) recently announced the inauguration of its new office in Ho Chi Minh, Vietnam. This initiative is part of the company’s commitment toward globalization through improving patient outcome, optimizing costs and meeting local healthcare demand.
Over the past few years, Medtronic has been in the news for its healthcare access plan in Asia. As per the World Health Organization (WHO) report, chronic non-communicable diseases (NCDs) are responsible for major number of deaths in the continent. We believe that the latest office launch is strategic for the company as it is currently looking for ways to strengthen the health care system through collaborations with local stakeholders especially in the densely populated sections of the world like Asia.
The establishment of the new office will help Medtronic fortify its presence in Vietnam and support healthcare development in Southeast Asia – which is currently grappling with infrastructure and clinical capacity challenges. The country is unable to meet the healthcare demand of its growing population and therefore Medtronic is cashing in on this opportunity.
The company has targeted Vietnam this time, as according to the World Bank report; in 2015 this country recorded a 6% GDP growth rate, making it one of the fastest emerging economies with pressing need for medical technology and health care services. Medtronic is tapping into the vast demand in the country which crops from the growing incidence of cancer and heart diseases among young Vietnamese population. Medtronic plans to respond to the growing need of the local customers and patients. We are accordingly hopeful about Medtronic benefitting from its initiative to expand its footprint in the health technology market of Southeast Asia.
Fast Growing in Asia
In the first quarter of 2016, Medtronic reported a stellar performance in China, coutesy of its new ventures in the country. In South Asia of which India is the largest emerging market, the company has recorded double digit growth in all of its four businesses -- CVG, MITG, RTG and Diabetes. Around two months back, Medtronic had set up an office in Singapore to serve as a central hub for its future device development and services in the region.
Zacks Rank & Key Picks
Medtronic currently has a Zacks Rank #3 (Hold). Better-ranked stocks in the medical product sector are GW Pharmaceuticals plc , NuVasive, Inc. and Quidel Corp. (QDEL - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy).
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>