As the world slowly begins to reopen after COVID-19, Europe’s healthcare systems are beginning to return to normal operation. This provides a unique opportunity to enter or expand your MedTech business into these healthcare markets.
1. European healthcare systems are mainly statutory based, which in the moment are more stable than private based systems.
Most of Europe’s healthcare systems are statutory or single-payer systems, with limited private sectors. No matter the economic situation in these countries, the healthcare systems will remain financially stable as the government will continue to provide necessary funds to keep their healthcare systems running. Europe’s healthcare systems are less reactive to economic conditions than private-based systems. In comparison to private systems, statutory systems will return to normal operation quicker.
2. European healthcare markets are poised to return to normal operation soon.
The COVID-19 crisis has drastically lessened in Europe with significantly fewer new cases and deaths. Additionally, many countries in Europe, like Germany, were never overwhelmed by the crisis so their hospitals have the resources to reopen and provide regular services again. Europe is beginning to reopen its economies as well which will make it easier to operate in Europe again. This makes it a good time to take advantage of this opportunity to begin or expand operations in Europe.
3. Demand for many medical devices and other medical supplies, which experienced low demand during the past few months, will now increase in Europe.
As hospitals start to return to normal operation, the number of non-urgent and elective procedures will increase. Funds will be available for these procedures, as reimbursement will continue no matter the financial situation. Also, more non-urgent procedures will take place in Europe in comparison to countries with private systems, as there out of pocket expenses are limited. Even if a European lost their job during the COVID-19 crisis, they will remain health insured and receive any necessary services.
There will be a backlog of operations and procedures that were deemed non-urgent or elective during the health crisis. In order to meet the demand from the backlog of procedures, the demand for devices and supplies will increase. The U.S., on the other hand, is further behind Europe in regards to the COVID-19 timeline, so it will be longer until hospitals there return to normal operations.
4. European healthcare systems have always been very attractive.
Due to Europe’s high population density, an aging population, high number of hospital beds per capita and high spending on healthcare per person, it is a very attractive market for MedTech companies. As Europe’s economies reopen, the strong foundations of Europe’s healthcare markets will long continue to make entering or expanding into them a good opportunity.
5. Kalms Consulting and Kalms Operations are here to help support your company enter or expand into the European healthcare markets.
Kalms Consulting is your reimbursement, market access, regulatory support, etc. expert to help make your business successful in Europe. Kalms Operations is your warehousing and 3PL expert to support you in all things logistical an operational make selling your medical device in Europe a reality. As you consider entering the EU healthcare markets, please contact us with any questions you maPublished on: June 4, 2020