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Smith & Nephew eyeing expansion in emerging markets
22/11/2011
Leading manufacturer of artificial hips and knees, Smith & Nephew, could well be creating new medical sales jobs in a number of emerging markets, after ring-fencing a slice of its research budget for the development of products specifically tailored for them.
The company is increasing its research budget by £186 million during the next five years, and will direct 20 per cent of this specifically towards countries including Brazil, Russia, China and India.
The FTSE 100 medical device maker is understood to be keen to raise its sales in these regions from around £108 million now to around £320 million by 2016. Smith & Nephew's chief executive, Olivier Bohuon, said that the growth in the 'BRIC' countries was one of the London-headquartered company's five strategic priorities.
"We have not been doing a lot in emerging markets. We've been doing good in China and now have revenues of $100m there. That's all," Mr Bohuon said in an interview with the Sunday Telegraph. "We have not been in India, in Brazil or in Russia. Those markets are growing double-digit, there is a need for our products out there."
He explained that they would be developing some lower specification products with which to enter the markets and doing through a very specific R&D model.
The company is increasing its research budget by £186 million during the next five years, and will direct 20 per cent of this specifically towards countries including Brazil, Russia, China and India.
The FTSE 100 medical device maker is understood to be keen to raise its sales in these regions from around £108 million now to around £320 million by 2016. Smith & Nephew's chief executive, Olivier Bohuon, said that the growth in the 'BRIC' countries was one of the London-headquartered company's five strategic priorities.
"We have not been doing a lot in emerging markets. We've been doing good in China and now have revenues of $100m there. That's all," Mr Bohuon said in an interview with the Sunday Telegraph. "We have not been in India, in Brazil or in Russia. Those markets are growing double-digit, there is a need for our products out there."
He explained that they would be developing some lower specification products with which to enter the markets and doing through a very specific R&D model.
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