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1 © Copyright 2003 Kevin Newman – Investment in Japan: Realities & Opportunities Kevin Newman December 11, 2004
2 © Copyright 2003 Kevin Newman – Background Eight years in Japan Work with the Japanese Government –Hokkaido Governors Office (Sapporo – 72 Winter Olympics) –Ministry of Home Affairs (Tokyo) –Mainly responsible for organizing Japans local government international cooperation and exchange programs Graduate education focus on Economic Development Why Japan? Watched Japans economy leap forward with Plaza Accords (85) – doubling of Yen strength –Wanted to know Why? was Japan such a powerhouse –Same time as the book by James Abegglen – KAISHA – the Jpn Corporation: New Competitors in World Business Began researching - WAKON YOSAI (Japanese Spirit, Western Things) Developed Senior Thesis at UNC on Japan –Business – Govt Cooperation – Key to Japans Success? After arriving in Japan, fascinated by degree of Income Equality (low Gini Coefficient ) around JapanGini Coefficient
3 © Copyright 2003 Kevin Newman – Executive Summary Investment in Japan: Realities and Opportunities Opportunities – Fast growing market Key Success Factors Barriers Goals of Partnering and Alliances Resources for Case Study and Research
4 © Copyright 2003 Kevin Newman – Opportunities – USD $16.2 billion Medical Devices Market Greying of Japan Leading OECD countries Top national issue Medical devices 40% imported Natl Health Care expenditures 7.1% of GDP & rising Japan 2x spending of other OECD countries on pharma- ceuticals & drugs – 30%of total Worlds longest life expectancy –By 2015, 25.2% over 65! Source: Assisted Living Market – Fastest growing By 2025, 5.2 million people – bed-ridden or in nursing care Disabled health products – wheelchairs, medical kits – soaring Institutional nursing care services from USD $65.8 billion in 2000 to USD $85.56 in 2010 UK, German, and Nordic countries well established as foreign providers of health care products
5 © Copyright 2003 Kevin Newman – Key Success Factors – Partnering with / Investing in Japan Who Succeeds? GE Citibank IBM Proctor & Gamble Dupont Microsoft AFLAC Renault, BMW, Mercedes McDonalds Starbucks Coke 7-11 How Succeed? Understand Market Potential –Ex. 75,000 dentist – only 10% use dental implants Advertisement Strategy –Non-traditional avenues – partner with food products Product Innovation –Japanese have high willingness- to-pay index for innovation Language and Culture –Most Successful Companies become Japanese
6 © Copyright 2003 Kevin Newman – Whos already there – Since 2002 ? Medical Care Industry Alcon Japan Ltd. Switzerland Fresenius Medical Care Japan K.K. Germany Nippon Hexal Corporation Germany Widex Co., Ltd. Denmark PAREXEL International U.S KARL STORZ Endoscopy Japan K.K Germany Draeger Medical Japan Germany ELA Medical Inc. France Nobel Biocare Japan Sweden Haemonetics Corporation U.S Peter Brehm Japan Germany Becton Dickinson U.S
7 © Copyright 2003 Kevin Newman – National Health Care Breakdown of national healthcare expenses Note : Not including childbirth, health checkups, and other expenses not related to illness or injury Source : Ministry of Health, Labour and Welfare of Japan
8 © Copyright 2003 Kevin Newman – Barriers and Reasons for Failure Bureaucracy daunting Ministry of Health, Labor and Welfare –Pharmaceutical and Food Safety Division –Long waits for Applications and large amounts of paperwork –Require individual, case-by-case approvals, not batched like FDA PMDEC – Pharmaceuticals and Medical Devices Evaluation CenterCenter JFMDA – Japan Federation of Medical Devices Associations Antiquated health system – crumbling but protected Business Practices Rotating Presidents often – bad practice No focus on Supplier / Client relationships – mimic Keiretsu Not committed to localization of product Consumer / Client Education lacking Concerns IP protection Distribution Agreements International Patent Litigation Who controls product development How protect from consumer lawsuits?
9 © Copyright 2003 Kevin Newman – Goals of Partnering Explore Long-term Japanese Market Opportunities Learn about Domestic Market structure How to select partners for long-term Alliance or greenfield (AFLAC) Demographic Changes in Geriatri-fying of Asia – new needs –Ultrasound – CT technologies ( $4bl global mkt) Expand new products and services to 3 rd markets China India Entering emerging markets –Japanese partner has est. distribution networks Global scale for R&D
10 © Copyright 2003 Kevin Newman – FDI recognized as key for growth
11 © Copyright 2003 Kevin Newman – ACCJ – JETRO best objective resources
12 © Copyright 2003 Kevin Newman – Resources – Case Studies & Research Case Study Considerations (dated but informative) Research Options –Goo Best Domestic Search Engine –Yahoo! Japan Most powerful namebrand –Japan.co.jp Best for commercial research
13 © Copyright 2003 Kevin Newman – Where to visit In Tokyo : Akihabara Harajuku's Takeshita-dori on a Sunday Meiji Shrine (next to Takeshita-dori) Shinjuku 8am on any weekday morning Shibuya (anytime)
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