Stryker, a medical device manufacturer based in Kalamazoo, Michigan, announced that it will place a higher emphasis on markets outside the United States. At the JP Morgan Healthcare Conference, Stryker CEO and president Kevin Logo detailed the new plans for the company.
According to information released at the San Francisco conference, Stryker will overhaul its European and emerging-markets business. It has made several significant changes in its management and structure oversees. According to Lobos, it could take several quarters for changes to be reflected in the company’s finances. However, he stated that the European market was a “key plank” in Stryker’s global market initiative.
Emerging markets currently represent six percent of Stryker’s sales. In emerging markets where the company has an existing footprint, Stryker has seen 20 percent growth. However, the company feels that there are many existing emerging-markets where a larger footprint would enhance sales.
In ending remarks, Lobo stated, "Globalization's an enormous opportunity for Stryker, we clearly have room to grow outside the U.S.” He continued, "The U.S. is still representative of 65% of our total sales. That is a ratio that hasn't changed in about 10 years."
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