Germany's Medical Industry in Good Health
Berlin - Germany's medical industry is displaying the sort of health that its 5.4 million employees would want the national population to display.
The German Medical Technology Association's (BVMed) annual report for 2013 stated that every seventh in Germany was filled by a medical industry employee, adding that a total of 287.3 billion Euros were spent on health, public and private, in 2010.
That made the German medical industry more significant than the famed automobile industry in terms of domestic GDP.
It seems appropriate that this year's MedTec Europe conference should be in Germany. It starts on Tuesday February 26, and lists Germany Trade and Invest among its exhibitors, who will be explaining why the German medical industry is in such good shape right now.
"You are seeing the combination of a number of factors right now," says Gabriel Flemming, Manager of Healthcare and Pharmaceutical Services at Germany Trade & Invest.
"Germany is recognized as a leader in Research and Development by its peers, and the weaker Euro during the global economic crisis has made this, as well as the countless products, more accessible to foreign investors and purchasers."
This was also helped by the 2011 initiative ‘Health made in Germany’, which saw the breakdown of a number of trade barriers and saw more than double the domestic sales turnover in exports in 2012. Around a third of the total turnover was spent on products less than three years old.
"Germany is second in the world in terms of patents and of global trade share," continued Flemming.
"It is demonstrable how important Germany now is in the world in both innovation and research."