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.

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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.