The government will expand medical device exports by recovering exports of in vitro diagnostic devices, opening foreign markets, expanding base bases overseas, and supporting obtaining licenses. On the 24th, the Ministry of Health and Welfare announced ‘Biohealth Industry Export Revitalization Strategies’ at the Economic Ministers’ Emergency Meeting and Export Investment Measures Meeting. The export promotion strategy revealed this time is a follow-up to the ‘Bio-Health New Market Creation Strategy’ published in February.
◇ Support for export recovery of in vitro diagnostic device companies
Exports of in vitro diagnostic devices in Korea were US$400 million in 2018 and US$200 million in 2019, but since 2020, when COVID-19 broke out, they have grown rapidly, recording US$3.2 billion in 2022 following US$3.6 billion and US $4.7 billion. However, as COVID-19 has stabilized and exports of in vitro diagnostic devices have declined relatively, the government plans to support companies to regain export performance.
The government supports participation in the international procurement of the World Health Organization (WHO). In addition to infectious diseases, global demonstration projects are promoted such as support for research and development (R&D) in vitro diagnostic devices for chronic and serious diseases such as diabetes, cancer, and heart disease and securing foreign samples.
◇ Explore global markets for diagnostic imaging devices and dental materials
For items with technological competitiveness, such as imaging diagnostic devices such as X-rays and dental materials such as implants, support is provided by securing overseas distribution networks and participating in major exhibitions and professional medical associations. To this end, it also supports the expansion of base centers abroad and the acquisition of licenses.
Foreign medical device centers currently installed in the United States, Indonesia, and Vietnam will be expanded to Europe in the future. It intends to provide full circle support for international certification, such as the implementation of an export support advisory body to respond to the stronger licensing standards of the exporting country.
In addition, government-to-government (G2G) cooperation support to support the expansion of innovative medical devices abroad (digital healthcare, software) will also begin. It will also operate a ‘Medtech Innovation Fair’, a joint public-private forum for technology transfer, research collaboration, and investment to create an open innovation environment.
A government official said, “Through the implementation of the ‘Biohealth Export Support Council’ where all the players in the industry such as the Ministry of Health and Welfare, the Ministry of Trade, Industry and Energy, the Ministry of Food Safety and Drugs, associated associations, and related organizations are involved, real-time difficulties are checked and analyzed, and tasks with high on-site experience are greatly felt. We will always continue to discover and support the expansion of exports.”
