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How Is the European Medical Device Sector Different

by:Kangdi     2020-06-06
Their really is a big question that lingers in the mind of people who are in the medical industry, and that is how is the European medical device sector different to the US since there is really a query as to who has the most advancement and who really tops the market in this sector. With the many developments that there is both for America and Europe in this sector, there really is a neck to neck competition between the two super giants. With most manufacturers and companies who are based in the US who are producing medical devices, most would prefer the US in launching their product, understandably because of the wide scale potential market they have. Similarly companies of European medical device and its manufacturers prefer initial launch of their products in Europe than anywhere else. With the many concerns that have their way, the medical sector has evaluated and re-evaluated it approach in penetrating the market and also in making sure that they provide the best quality in medical equipment. Like in Europe, since there is a directive and the relatively 'new approach' when it comes to the free movement of commodities within the country, a manufacturer and technically the whole sector needs ensure the high level of concern and protection for the health, safety and well being of the consumers. Comparatively, it has been mentioned that Europe is more conventional and well-organized when it comes to the regulatory processes that it implements for the industry. With the US implementing a 2.3% to a 2.5% excise tax on the sales of medical devices in the coming year, there is a worry and a bit of a concern on how this will impact the over-all sales of medical devices in the country. May it be for larger firms or small companies, there really is an impact that this excise tax will bring in when it is fully implemented? Despite this, the general prospect of sales and reception is higher in the US than in Europe. Overall, the approach and method that Europe has when it comes to the medical device sector comparing to the US is really more old school and more conservative than its counterpart. But still in all of this, they still really concerned and are still requiring implementation of quality over quantity when it comes to the products that are produced in the market today.
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