Boston Scientific signed a contract with Shanghai on Monday to announce the official opening of its first Chinese factory in the city.

This move marks the multinational medical enterprises in China localization again. Previously, the medical device giant Medtronic production plant has also settled in Lingang, with an initial investment of about 300 million yuan. Boston Scientific will not disclose the amount of the investment. Boston Scientific Global CEO Michael Mahoney attended the signing ceremony in Shanghai on Monday, his first visit to China since the outbreak.

Boston Scientific is one of the world's leading manufacturers of minimally invasive interventional medical devices, with core products and services in the areas of cardiac intervention, peripheral intervention, endoscopy, urology and neuroregulation. In 2022, Boston Scientific's global revenue exceeded $12 billion. In the second quarter of this year, Boston Scientific reported revenue of $3.6 billion.

Under the background of policies such as collection, foreign capital continues to be optimistic about China's huge medical market demand, and multinational medical device companies have deepened their localization layout in China, hoping to provide patients with more innovative and accessible medical solutions. In addition to cooperating with local companies to develop innovative medical products, multinational medical companies are also seeking to set up production bases in China.

The industry believes that China will increasingly become the global launch site for medical device products. Boston Scientific's domestic plant will also further reduce production costs and enjoy some local policies. However, according to the first financial reporter, it will still take several years for Boston Scientific's factory to go into production from planning to final production.

In July this year, Boston Scientific signed a cooperation framework agreement and a service framework agreement with local medical device company Synruida, and the two sides will cooperate in the fields of global commercialization of products, product manufacturing services, and product research and development in the next three years.