South Korea seeks to be a global medical devices export powerhouse | Asian Business Review
, Korea
214 views

South Korea seeks to be a global medical devices export powerhouse

The Ministry of Health and Welfare declared its plan to develop the segment.

South Korea’s Ministry of Health and Welfare announced its 1st Comprehensive Plan for Development and Support for Medical Devices Industry to make the market a “global medical devices export powerhouse.”

The plan is from 2023 to 2027, a follow-up to the strategies to create new bio-health markets meeting on February 28.

READ MORE: What are the 2023 key healthcare trends in Southeast Asia?

The medical devices sector is expected to implement “high and sustainable growth potential due to global trends, including economic growth, an aging population, and a growing interest in health.”

“Our medical devices industry took a leap forward during the COVID-19 pandemic. Now, we need to develop long-term support strategies to ensure the industry’s sustainable growth and maintain its export momentum,” Minister of Health and Welfare Cho KyooHong said in a government statement.

“In this context, we have developed the first long-term comprehensive plan under the ‘Act on Nurturing Medical Devices Industry and Supporting Innovative Medical Devices’ to help the industry become globally competitive and lead the broader bio-health industry, and we will work even harder to strengthen cooperation with the industry and secure necessary budget,” he added. 

Join Asian Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you design and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Global hydro turbine market to hit $4.9b by 2035
Investments in RE transition and grid reliability are some of the factors fuelling the growth.
PV inverters market to reach $49.0b by 2035
The expansion is being fuelled by the push for decarbonisation and RE integration.
Electric ship market to hit $18.39b by 2032
The passenger ship segment is seen to hold the largest share.

Exclusives

EDC to upgrade Leyte geothermal plants with US tech
It seeks to boost efficiency and sustainability and extend plant life.
Arkora accelerates 200 MW hydro push
It plans to stay ahead in Indonesia’s renewable transition through AI.
KS Orka tops 200 MW with Sorik Marapi expansion
It marks a milestone in one of Indonesia’s biggest baseload clean power projects.