Boston Scientific Expanding In China
Natick-based medical device manufacturer Boston Scientific is betting big on China, announcing a plan to invest $150 million in the Asian country in the next five years, with plans to hire up to 1,000 workers.
Boston Scientific will create a new, wholly owned subsidiary in China that will include a manufacturing plant, a research and development site, plus a training center for new workers.
The company expects to increase its Chinese workforce from 200 to 1,200.
Boston Scientific's goal is to reach $500 million in revenues by the end of 2016 from Chinese sales. The country's medical device market is already valued $1 billion and the company said it is expected to grow 20 percent annually.
China is not a new venture for Boston Scientific. In January, the company enrolled 500 Chinese residents in a clinical test of a stent.
In April, the company launched its first pacemaker in China. In the fourth quarter of this year, the company hopes to launch another stent after gaining regulatory approval.
Ray Elliott, the outgoing president and CEO of the company, said the vote by the company's board of directors to approve the expenditure fits in with the company's strategic growth plans for the coming years.
The company is wrapping up a study that cost between $30 million and $40 million dollars examining targets for investments in emerging markets, which focuses on China, Brazil and India.
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