Philips, WEGO, and GenerTec Collaborate for High-end Medical Equipment in China
On August 30, WEGO Group, GenerTec Group, and Philips (China) Investment Co., Ltd. jointly signed the “High-end Medical Equipment Industry Strategic Cooperation Memorandum” in Jinan city, Shandong Province.
The three parties will jointly establish a cooperation platform covering medical equipment manufacturing, scientific research transformation, sales & marketing, and medical services, build an industrial base in Weihai city, Shandong province, for high-end medical equipment, and promote Philips’ cutting-edge medical products in China.
GenerTec Group has developed into a medical group with a large number of beds, full network coverage, and outstanding specialty characteristics. It is a leading supplier of drugs, medical equipment, and health products in China. Through this strategic cooperation, it is hoped that the three parties can give full play to their respective advantages in R&D, innovation, and market access, and bring more high-quality and high-level innovative products to contribute to Healthy China 2030, according to Yu Xubo (于旭波), Chairman of GenerTec Group.
China is the second largest market for Philips in the world and one of the most important sources of innovation and value creation. Philips is serving the Chinese market better through local innovation, local manufacturing, and local cooperation. This tripartite cooperation is also one of the important practices of Philips in China to implement the localization strategy of “In China & For China”, according to Andy Ho, member of the Philips Global Executive Committee and President of Greater China.
GenerTec Group, Philips, and WEGO Group have the same development concept and complementary resource advantages. The three parties in this cooperation are a Chinese central State-owned enterprise, a multinational company, and a local private enterprise respectively, which will help to build a new format of the medical market and lead a new economy in the medical industry, according to Chen Lin (陈林), chairman of WEGO Group.
