"Regardless of how advanced a technology is, if there is no merchant adoption, then there will be no consumer adoption and vice versa, " Sanjay Sakhrani, an analyst with KBW, wrote in a research note this month.

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In healthcare, domestic ultrasound manufacturer Mindray became the No. 1 player by using technology that was reliable but less advanced and offering 30% to 40% lower prices than similar models from MNCs.

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