– Online consultation with 32 Korean and Indian companies participating –
– Buyer’s request for Korean product sample purchase, CDSCO delivery certificate, etc. –
delegation overview
India experienced an unprecedented second wave of COVID-5 in May, with daily confirmed cases reaching about 19 and daily deaths reaching about 30. The central government of India has been working to prevent the spread of the disease by fully distributing vaccines and treatments, while each state government has focused on responding to the spread of COVID-4,000 by implementing lockdowns excluding the movement of essential personnel. Some organizations predicted that economic recovery would be delayed due to decreased consumption, increased unemployment, and instability in the rupee exchange rate. However, thanks to the efforts of the central and state governments, the increase in the number of daily confirmed cases has decreased to less than 19, and Statistics Korea and the Reserve Bank of India (RBI) have projected India's economic growth rate at 2% in 19/10, expressing expectations for recovery and suggesting that the economic impact of the second wave of COVID-2021 will not be significant.
In this situation, KOTRA Chennai Trade Center held a video conference of the 12 IT India Online Market Pioneer Group by inviting domestic companies and Indian buyers for three days from October 14 to October 3. The event was held with the participation of 2021 domestic companies and 9 Indian buyers.
Overview of IT Southeast Asia Online Market Pioneer Group
The IT Southeast Asia online market pioneering group video conference was held in the field of beauty equipment items including auto parts, medical devices and cosmetics, and a total of 9 consultations were conducted with 35 domestic companies.
video conference
Main contents of consultation
The conference, which was held for a total of 5 days, was a meeting of 24 newly introduced medical devices and 11 cosmetic and beauty devices, and medical device items drew the attention of buyers.
In the field of home care, a large number of buyers from South India participated. Although India's medical facilities and quality are inferior to those of advanced countries, at the same time, there is an abundance of home care nursing personnel, which shows the potential for development in the field. In particular, Company S supplies medical equipment for nursing facilities, and based on over 75 years of experience in the Chennai region, it imported equipment from the United States, United Kingdom, Germany, etc. In particular, emphasis was placed on the part that clearly defines the after-sales period and parts procurement method, and localization of the product promotion brochure.
In the surgical equipment field, there were many buyers who showed interest in telemedicine. The surgical equipment and medical other equipment market in India is growing at a CAGR of 4% and is expected to grow by around 2022% in 5. In the case of India, it is expected that it will take some time for ordinary workers to receive telemedicine immediately. Nevertheless, although the class receiving professional medical benefits is limited to the high-income class, the Indian government recently paid subsidies for the medical equipment industry and expanded investments in telemedicine, and active discussions took place.
Excellent Counseling Cases
▶ Company I: The domestic company is providing a solution for early diagnosis of dementia based on block chain and AI. The buyer is positive because he thinks that if the product is well connected with the application and device in the Indian market, it will be possible to sufficiently penetrate the market. showed a human reaction. Discussions took place in all areas, such as Indian import permit, certification, brochure, after-sales service, and voltage check. A local company is also preparing to develop a solution, and has shown interest in technology that makes a diagnosis through retinal scans. We inquired about the MOQ cost the next day, and after consultation, we are discussing additional plans for technical cooperation rather than just importing simple finished products.
▶ Company B: The company is a medical equipment manufacturer and provides patient monitoring systems and equipment. The buyer wanted to supply monitoring equipment to large hospitals in India. Since the buyer is establishing a marketing strategy centered on a public hospital belonging to the Tamil Nadu government, he hoped for a relatively reasonable level of monitor equipment rather than expensive equipment. It emphasized the need for price discussion. As a suitable alternative to this, it was proposed to produce a product with a smaller size than the product produced in Korea to lower the price, and discussions progressed even on unit price negotiations and plans to visit the factory.
▶ Company C: A company that develops hearing aids and tinnitus solutions in Korea, and paid attention to the fact that imported products are mainly distributed in India. On the buyer's side, hearing aids for the hearing impaired were imported and distributed in India, such as Siemens, and they were very interested in the Korean tinnitus care market. According to the buyer, he emphasized that European hearing aid products are widely distributed in India, and that the technology to manage them through mobile connection is not universal. Recently, he said that there is a high demand not only for sales of hearing aids but also for tinnitus and hearing loss management, and the solution business is highly likely to expand in India. Even if a hearing aid developed by a Korean company is sold in India, the after-sales method was discussed.
Interview with local buyers participating in the conference
Q1. How do you feel about participating in this conference?
A1. With a population of over 10 billion, India's healthcare and telemedicine industries are rapidly emerging. In particular, in South India, as large hospitals such as Miot and Apollo are reviewing the introduction of medical facilities, demand for medical equipment and devices is expected to be high. It is meaningful to get to know a Korean solution company with technical skills through this conference, and I hope to keep in touch with Korean companies.
Q2. The response of local companies in India to the telemedicine and healthcare solution industry is
A2. In the Indian market, there is a lot of poverty between the rich and the poor regarding access to medical care. In some families, even if they do not go to the hospital, they are already receiving treatment and care at home by hiring a primary care physician. Nevertheless, there is a demand for advanced medical care such as detailed examinations and physical therapy, and buyers are very interested in K-Medical products and technologies. Since local companies are already importing many products through Europe at high prices, I think it is possible to change the import line for Korean products if the price is appropriate.
Q3 Is there anything you would like to say to Korean cosmetic companies?
A3. According to OECD statistics, in India, there are 1000 doctors per 0.7 people. Korea has 2.5 people, and some European countries have more than 3 people. As such, India has a large population and a large number of patients, but it means that they do not receive adequate medical care.
India has sufficient patient demand and suffers from the high price of European products, so it is highly likely that products and technologies from countries with strong medical technology such as Korea will be used if the price is appropriate. This sensitivity to price can also be seen in MOQ writing. As is the general practice in Korea, 100 samples are set, but Indian buyers may wish to negotiate flexibly to 100 or less. In addition, I think that the possibility of trading can be greatly increased if the video material of the product is produced and shared in English in advance.
Source: KOTRA Chennai Trade Center