Doing business in Russia The Medical Devices Market. By: Jeroen Ketting Managing Director of Lighthouse Russia BV
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1 Doing business in Russia The Medical Devices Market By: Jeroen Ketting Managing Director of Lighthouse Russia BV
2 1 RUSSIA 2 ECONOMY 3 MEDICAL DEVICES MARKET 4 MARKET ENTRY 5 BUSINESS RISKS 6 RUSSIA IN-DEPTH 7 DO S AND DON TS 8 EXECUTION 9 NEGOTIATIONS 10 RELATIONS 2
3 1. Human, generous, sincere, boundless, harsh 2. Emotional 3. Nostalgic 1. Russia Economy Risks 4. Country of extremes 5. Country of contradictions 6. Unpredictable, surprising 7. Power and pride 8. Resilient and invincible 9. Russia is never as strong, nor as weak as she appears! 10. In Russia, always that will happen what you least expect! 11. Quantity - Quality/ Capacity - Efficiency/ Purpose - Comfort 12. No middle-class or bourgeoisie 3
4 Russia 2. Economy Risks Russia fortunes are directly connected with: 1. Oil and gas prices 2. Growing: 1. GDP per capita (highest of BRIC) 2. Middle class and disposable income 3. SME sector 4. Business and consumer lending 5. Demand in the regions (Ural Federal District, Volga Federal District, Krasnodar region.) 3. Russia s size and hidden resources 4. Russia s resilience 4
5 Central Federal District: 26,1% of the population; 37% of the GDP North-West Federal District 9,5% of the population of Russia; 10% of the Russian GDP Ural Federal District: 8,6% of the population 14% of the GDP Far East Federal District: 4,6% of the population; 5% of the GDP Moscow South (incl. North Caucasian) Federal District 16,1% of the population; 8% of the GDP Volga Federal District: 21,3% of the population; 16% of the GDP Siberian Federal District: 13,8% of the population; 10% of the GDP 5
6 Russia 2. Economy Risks 6
7 Economy 3. Medical Devices Market Risks 1. One of the top 20 largest markets in the world total turnover = US $5.6 bn. 2. Annual market growth of 13.8% in next 5 years. 3. Strong hospital infrastructure (legacy USSR) % of equipment needs to be replaced. 5. Two-year US $44 bn National Healthcare Program (2010) aims to modernize Russian healthcare facilities. 7
8 Economy 3. Market Segmentation Risks 8
9 Economy 3. Market Segmentation Risks 1. Import: 81% of the market. 2. Largest share of import: high-tech market segments, i.e. diagnostic imaging devices. 3. Low-tech market segments: preference is given to local producers. 4. Prospective client groups a) Public medical centers: Uneven distribution of funding Procurement is done by the Russian government (tenders) b) Private medical centers: The market only started developing in the last 10 years. Mostly concentrated in the thirteen largest cities. 9
10 Economy 4. Market entry Risks Things you need to know: 1. Highly competitive market: a) European producers: well represented + strong track-record on the Russian market. b) Chinese producers: strengthening position on the market with good transport links and high price-quality ratio. 2. Preference for turn-key projects: foreign producers with wide product range. 3. Price is the most important motivator in the Russian market. 4. Hesitation to work with Latin American producers: no established reputation + high transport costs price + spare parts service 10
11 Risks 4. Market entry Do s and Don ts Study the market Understand your value chain Brochures in Russian Visa Certification Partner search Customize your offer Exhibition visits Contracting & Payment conditions Transport & Logistics Start your business! After sales 11
12 Risks 4. Market entry 1. Need for distributor because of: a) Need for a network b) Market intelligence (lack of market transparency) c) Specific tender system d) State programs e) After sales (service, spare parts stock) 2. When dealing with a distributor: a) Certification on your or distributor s name b) Exclusivity or not i. Regions ii. Sectors iii. Client groups iv. Formulate targets (turnover, market share) c) Strengths are usually only in certain market segments d) Consider i. Language ii. Company size iii. Transparency Do s and Don ts 12
13 Economy 5. Business Risks Russia indepth 1. Mainly economic risks 2. Mono structure of the Russian economy 3. Problems in remote areas (Far East, Kaliningrad, Northern territories) 4. One factory towns 5. Poverty gap 6. NPLs 7. Double dip (Russia shows boom and bust pattern) 8. Oil price 9. Ruble exchange rate 10. Parliamentary and Presidential elections 11. Business partnerships 13
14 Risks 6. Russia in-depth Do s 1. Suspicious 2. Trust and personal relationships are crucial 3. Informal networks (The Micro Cosmos) 4. A different sense of responsibility 5. Testing the rules 6. The external appearance is very important 7. Vertical authority and control minded 8. Practical 9. Short term (positively fatalistic) vision 10. Single-focus thinking 11. Erudition and depth 12. Extravagance 14
15 Russia indepth 7. Do s Don ts 1. Understand where you are 2. Enjoy 3. Commit (time, money, presence) 4. Prepare 5. Gain some knowledge of the Russian language and culture 6. Be entrepreneurial, flexible and patient 7. Trust but check > Never assume 8. Stay in control and keep the initiative 15
16 Do s 7. Don ts Execution 1. Be afraid of Russia 2. Underestimate your Russian business partner 3. Stick to your own perspective 4. Think Russia is Europe 5. Think that Russia is cheap 6. Think you know what is going on 7. Let yourself in with corruption 8. Judge on the basis of first impressions 9. Forget you are foreigner 16
17 Do s and Don ts 8. Execution Negotiations DOING BUSINESS IN RUSSIA REQUIRES: 1. Continuous attention 2. Twice the time to manage 3. A personal hands-on approach 4. More investment of time, money and effort 5. A medium- to long-term strategy 6. Attention to the language barrier Doing business in Russia is like driving a car 17
18 Execution 9. Negotiations Relations 1. It is never give and take 2. No practice of reaching consensus or win-win 3. Weakness is not shown and one always negotiates from a position of power 4. It is often about personal short term gain 5. It is often about short term objectives 6. Psychology and emotions play a big role 7. Intent is more important than written agreement 8. Russian businessmen can be imposing 9. Russian businessmen think, speak and act fast! 10. Only the smartest and toughest have succeeded! 18
19 Negotiations 10. Relations Conclusions Human relations in business: 1. Never loose your cool 2. Build and guard your authority/image carefully 3. Understand your own position 4. Lead by example 5. Keep the initiative 6. Maintain your added value 7. Don t show any weakness 8. Separation of business and personal 9. Show loyalty but don t let yourself be used 10. Be present 19
20 Conclusions 1. The Russian medical devices market: steady growth 2. Increased government spending + need for new medical devices = opportunities for foreign producers. 3. The demand for medical devices: mostly from the state-owned clinics. The private sector: only developed in the last 10 years. 4. Potential foreign producers: largest in the high-end segment of the market. 20
21 Conclusions Russia needs to be taken seriously 21
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