Korea to nurture medical device industry
21-Mar-14, Korea Business
he Korean government is going to pursue a mid-to-long term plan to become one of the top 7 countries in the medical device sector by 2020.
%20Business%20Korea.png "Korean research team develops microscopic surgery robot (c) Business Korea")
Image: Business Korea
The export target for 2020 has been set at 13.5 trillion won (US$12.5 billion), and the global market share goal has been set at 3.8 percent. The government is also aiming at hiring 130,000 people in the sector. Last year, the country’s medical device industry recorded 2.5 trillion won (US$2.31 billion) in exports, 1.2 percent in market share, and a workforce of 37,000 people.
Four suggested strategies include: strategic investment in research and development (R&D) to successfully penetrate the market; support for the entry of suppliers into the domestic market by streamlining regulations; support for penetration into overseas markets; and construction of an open and innovative ecosystem.