Mindray Medical Receives Frost & Sullivan Award

Mindray Medical International (Shenzhen, China), a leading developer, manufacturer, and marketer of medical devices in China, has been selected by Frost & Sullivan (Palo Alto, CA; USA), an international growth consultancy company, to receive the 2006 global market penetration leadership award in the patient monitoring market.

Mindray employs over 650 direct sales and sales-support personnel and cooperates with over 1,800 distributors in the nationwide. Globally, Mindray has a network of more than 800 distributors in over 135 countries. Mindray has 29 China-based and six international offices, and continues to expand its global operations. In 2007, the company plans to add another 300 employees to its research and development (R&D) staff. Sales to markets outside of China grew from under 25% of total net revenues in 2003, to over 46% in the first nine months of 2006.

"We are delighted to receive this award,” said Mr. Hang Xu, Mindray's chairman and co-CEO. "Our strategy of combining low-cost China-based operations with world-class R&D and a wide distributor network has allowed us to expand rapidly in the high-growth China market while successfully penetrating established and emerging international markets.”

Commenting on the award, Mr. Xiting Li, Director, president, and co-CEO of Mindray added, "Mindray has successfully leveraged its wide distribution network, superior product quality, and competitive pricing to gain market share in an impressive array of geographies worldwide. In addition to its leading market position in China, Mindray has established itself as an important participant both in established international markets such as Germany, United Kingdom, France, and Italy as well as high-growth emerging markets including India, Russia, Turkey, Mexico, and Brazil.”

Based on information from Frost & Sullivan, China's market for medical devices had an estimated value of US$7.5 billion in 2004, representing approximately 5% of the $148 billion global medical device market. China's medical device market, as well as the medical device markets in several developing countries, is projected to grow faster than the global medical device market.


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