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Last Updated: Feb 13, 2017 - 1:45:37 AM |
“Derek Newbold, Sr. Business Development Manager has a one-on-one meeting with a potential investor”
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Freeport, Grand Bahama - Invest Grand Bahama’s (IGB) participation at the MD&M West Expo 2016, at the Anaheim Convention Center, this past February, was a calculated move by The Grand Bahama Port Authority, Limited (GBPA) to promote Freeport’s competiveness to service the medical device manufacturing industry.
MD&M West is the largest medical design and manufacturing event in the world. It is a platform for new industry developments and a meeting ground of the best researchers, developers and manufacturers in the business. GBPA exhibited alongside more than 2,100 exhibitors. Its aim was to establish Freeport’s place in the market as a competitive option for investment in the sector and to showcase new business opportunities.
Derek Newbold, Sr. Manager of Business Development for GBPA and Invest Grand Bahama led the IGB Team at the MD&M event, which has already begun to produce fruit. “The MD&M West Expo created an opportunity not only to connect with key medical device manufacturers, but also leading medical device suppliers who showcase cutting-edge inventions and display their capabilities each year.” Newbold cited.
“GBPA team exhibits at MD&M West Expo”
From left: Diane Morgan, Corporate Communications & Business Development Officer, Derek Newbold, Sr. Business Development Manager and Glendia Sweeting, Business Development Officer
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“When you consider that corporate taxes in California can be as high as 54%, one can immediately see the benefit of Freeport’s low tax environment. Another advantage of Freeport is its preferential trade access into key consumer markets. A number of companies expressed interest in outsourcing the manufacturing operations component of their business to contract manufacturers in offshore or nearshore jurisdictions. This certainly creates a good opportunity for Freeport as an established special economic zone with the requisite concessions to strategically target contract manufacturing firms. However, products with high margins would best be suited for this environment in order to offset any cost that might be perceived as prohibitive.” He continued.
The United States remains the largest medical device market in the world, with a market size of $110 billion. By the end of 2016, it is expected to reach $133 billion. Moreover, US exports of medical devices exceeded $50 billion in 2015. GBPA has identified a unique opportunity for Freeport to benefit from this high growth industry.
The team met with and established a relationship with a medical firm based in California representing a number of manufacturers that are receptive to the concept of offshore manufacturing. Collaboration is now underway to bring a contingent of Biotech companies to Freeport for an exploratory visit later this year.
GBPA President, Ian Rolle said, “MD&M West is known for its superb educational displays and networking opportunities. We are working to develop the medical devices manufacturing industry and this expo was a strategic factor in generating leads to advance future development.”
© Copyright 2016 by thebahamasweekly.com
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