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[Gyeonggi-do and Medical Device Companies] Gyeonggi-do and Medical Device Companies ...

  • Name 관리자
  • Date 2023-06-23
  • Views 486

Gyeonggi-do and Medical Device Companies in Gyeonggi-do Take a Leap Forward for Overseas Expansion of the Medical Industry

 

 

Gyeonggi-do is an area that has great potential to promote the development and success of the medical industry as many eminent high-tech venture companies and tertiary hospitals are located in Pangyo and Gwanggyo Techno Valley. The largest number of medical device and pharmaceutical manufacturers in Korea are located in Gyeonggi-do, with 1,667 medical device manufacturers (40% of total) and 226 pharmaceutical manufacturers (30% of total).

 

Eight out of the top 10 medical device manufacturers in Korea are located in Gyeonggi-do (Samsung Medison, Dentium, Vatech, etc.), and eight out of the top 10 medical device exporters are also located in Gyeonggi-do (Samsung Medison, GE Ultrasound, Abbott Diagnostics, etc.). Based on these promising companies, Gyeonggi-do’s medical device exports accounted for 43% of Korea’s total export of medical devices in 2019, showing a steady increase since 2015 (average annual growth rate of 8.6%).

 

󰋼 Medical Device Exports by Year  (Unit: thousand dollars, %)                                                                                                                   

※ Trade statistics of Korea International Trade Association (Sum of HSK code 3006,9018,9019,9020,9021, and 9022)

 

Based on this excellent medical industry infrastructure, Gyeonggi-do has been promoting the 「Regular Medical Cooperation Forum Project」 with Seoul National University Bundang Hospital since 2020 in order to establish a hospital-centered medical industry cooperation network so that medical device companies can enter overseas markets.

 

The main contents include a mentoring project that connects experts in the required fields (medical personnel, investment and overseas expansion licensing experts) on a 1:1 basis by reflecting the needs of companies, a research seminar to share ideas from the medical field with industries, and a forum to share the latest trends for overseas expansion of the medical industry.

 

Especially in 2022, last year, the Gyeonggi-do Medical Cooperation Forum was held in

Gyeonggi-do under the theme of the ‘Development Strategy of the Medical Device Industry in the Endemic Era.’

The forum featured the following presentations ▲ ‘Current status and policy trends of the medical device industry’ by Choi Young-mi, director of the Medical Devices Industry Association ▲ ‘Clinical Trial Strategy for Medical Devices’ by Kim Young, CEO of Synex Co., Ltd. ▲ ‘Introduction of Medical Device Clinical Trial Center and Support Cases’ by Woo Se-joon, director of Medical Device R&D Center of Seoul National University Bundang Hospital ▲ Case presentation of companies participating in customized mentoring for Gyeonggi-do companies (3 people).

 

At this forum, the participants were able to share and benefit from the experience and knowledge gained by medical staff in the development of medical devices and pharmaceuticals, and pool their talents and ideas to build a cooperative network between hospitals and industries. In particular, they participated in in-depth discussions to reflect the needs of companies that have taken part in Gyeonggi-do projects under the theme of the ‘Development Strategy of the Medical Device Industry in the Endemic Era’ and to secure competitiveness in global domestic medical devices.

 

In the future, Gyeonggi-do will continue to work together with companies in various ways to address difficulties in the process of technology and product development when medical companies advance abroad, and to help more companies achieve successful results.