“It’s had a very good track record,” with its products able to enter markets like Europe and Hong Kong, she said.
In an earnings filing this week, Mindray said orders from Europe especially have increased dramatically, with Italy purchasing the first batch of almost of 10,000 pieces of equipment including ventilators and monitors.
The company, which has 17 subsidiaries in China and operations in 30 countries, makes health monitoring systems, ventilators, defibrillators, anesthesia machines and infusion systems. The firm has a direct sales team in the U.S. and long-time global partners include Mayo Clinic, the Johns Hopkins Hospital, Massachusetts General Hospital and Cleveland Clinic, according to its annual report.
Not Forever
The boost to the wealth of Mindray Chairman Li, who founded the firm in 1991 along with Xu and Cheng, contrasts with the erosion in net worth of his peers in Asia. Li Ka-shing, Hong Kong’s richest man, has lost $7.1 billion this year as the city fights a recession from the double-whammy of the pandemic and last year’s political protests. Singapore reported the biggest economic contraction in a decade in the first quarter, and expects a severe recession for the year.
The ventilator boom won’t last forever, said Bloomberg Intelligence’s Lu. As more societies age, demand will grow for breathing-support devices, but not to match the scale seen during this crisis, she said.
“Sales will definitely drop after the outbreak.”
--With assistance from Blake Schmidt, Shawna Kwan, Dong Lyu and Jinshan Hong.
This article was provided by Bloomberg News.