Nice article by Economist.
Some great points
Frugal innovators in China and India are making products that are stripped to their essentials: scanners that cost $10,000 rather than $100,000; portable electrocardiographs that cost $500 instead of $5000.
Western medical-device firms are well aware of eastern innovation. Indeed , firms such as GE Healthcare, Philips and Medtronic are investing heavily in China and India: setting up research centers, hiring local talent and developing frugal inventions of their own, which they gleefully sell both locally and in the other emerging markets.
Just as the appearance of cheap, well-engineered Japanese cars disrupted Western car markets, so the rise of frugal technology could transform the market for medical devices.