Prejudice still exists

One obstacle Mindray still must overcome is the prevailing prejudice against Chinese products, Yin said.

"This is particularly a challenge when it comes to customers of developed markets like Europe and the US," Yin said.

"We had to continuously explain to them that Chinese products are not just cheap exports, but because China has many high-tech companies, it has many highly skilled employees. And it has many companies that understand clients' needs and are keen to solve clients' problems."

Yin said he hopes more high-tech Chinese products find success in the European market.

Meanwhile, Mindray has exploited its price advantages to strengthen its presence in developing economies. That has helped it answer the call of its company slogan and put "healthcare within reach", Yin said.

Mindray's ability to understand the needs of customers in developed economies was a point emphasized by Yin during a speech he delivered at the World Medtech Forum Lucerne in Switzerland in September.

"Many European or North American medical devices companies are talking about the whole market shrinking," he said. "But the reality is that only 1 billion out of 7 billion people globally live in developed economies. To offer affordable products for the remaining 6 billion people is Mindray's advantage."

Mindray's expansion into the European market resembles steps taken by other privately owned Chinese businesses, which have been encouraged to go overseas both by commercial opportunities and the Chinese government's policy initiatives.

For example, the Chinese government's 12th Five-Year Plan (2011-15) encourages privately owned businesses to expand internationally.

Yin said that he is glad for the support Mindray has received from the Chinese government over the years, particularly in the protection of intellectual property rights.

"IPR is a key asset for high-tech companies such as Mindray," he said. "We have noticed that China's patent laws have become much more complete and their enforcement much more stringent over the past decade."

Mindray applied for its first patent in 1997 and has so far received more than 1,000 of them. Of those, more than 200 have been secured overseas, Yin said.

"Back in the days when (intellectual property rights) enforcement was poor, no Chinese company dared to invest in R&D," Yin said. "But now many Chinese companies invest heavily in R&D."

"With great support from home, we are committed to invest globally, and we hope our success will improve the image of Chinese products in Europe and beyond."

Contact the writer at cecily.liu@mail.chinadailyuk.com