In May 2021, Ministry of Food and Drug Safety (MFDS), government of South Korea reported that for the first time ever, the number of medical devices produced by local companies has surpassed those imported from other countries since 2011. The number of local companies’ medical devices reported to the government in 2020 reached 4,222, accounting for 51.6 per cent in the market. The total number of reported medical devices, including imports, reached 8,183, slightly down from 8,269 in 2019. The COVID-19 pandemic was a major factor contributing to the increase in locally produced devices.
In 2020, around 249 COVID-19 test kits received production and export approvals, accounting for 22 per cent of all medical devices with manufacturing approvals.
A sudden surge in Artificial Intelligence (AI)- powered medical devices was witnessed in 2020 with around 50 devices being approved compared to only 10 devices in 2019. Out of which, 45 were developed by local companies, and five were imported, mostly under the category of AI-based telemedicine software.
Trends and drivers
Post pandemic, the South Korean government is sensing a strong business opportunity to boost the economy which suffered during the pandemic. With an increase in overseas demand for Korean-made medical devices, domestic manufacturers are targeting the international market with competitive prices and services. After successfully containing COVID-19 with mostly domestically produced aids, the country is keen on boosting the competitiveness of the regional medtech sector by emphasis on manufacture of futuristic medical tools.
According to the Ministry of Economy and Finance, the country’s biohealth exports have shown a high annual growth of about 40 to 50 per cent since the pandemic. The number of pharmaceutical and biotech companies with sales exceeding 1 trillion won ($868 million) also doubled from six in 2018 to 12 in 2020.
This story is from the BioSpectrum Asia Sep 2021 edition of BioSpectrum Asia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the BioSpectrum Asia Sep 2021 edition of BioSpectrum Asia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Ushering Fourth Industrial Revolution in Telangana
Taking advantage of the 21st edition of BioAsia 2024 at the Hyderabad International Convention Centre (HICC) in Madhapur, the Government of Telangana, a southern state in India, leveraged the confluence of the global platform to spearhead initiatives aimed at propelling the state into the forefront of the Fourth Industrial Revolution (C4IR).
How Indian Biotech Investments are on a Doubling Spree
A latest report by Ankur Capital provides a closer look at the investments made in biotechnology in the last decade in the country.
"AI will be integrally involved in not only the diagnosis of cancer but also in determining the prognosis and best therapeutic option”
South Korea-based Deep Bio, a pioneering artificial intelligence (AI) healthcare firm focused on cancer pathology, is making waves in the industry.
"Because of its specificity and selectivity, ADCS have the potential to reduce adverse side effects and improve patient survival"
Japan-headquartered Daiichi Sankyo, the global healthcare company, launched its subsidiary Daiichi Sankyo Singapore Pte. Ltd. to bridge unmet needs in oncology.
Can Test, Treat, Track Beat Malaria?
Malaria has long been a major public health concern in the Asia Pacific region, particularly in South East Asia (SEA) affecting millions of people.
Engineering CAR T cell sharpshooters
Approved CAR T-cell therapies have shown remarkable results in patients with certain types of blood cancers.
Addressing Challenges in Cell Therapy Manufacturing
Even with significant advancements, there are still anumber of issues with cell therapy manufacturing that need to be resolved as production grows.
"We anticipate India will adopt decentralised models for managing CGTs, ensuring closer proximity between patients and treatment facilities"
Cell and gene therapy (CGT) expert from Germany, Miltenyi Biotec has recently announced its entry into the Indian market to provide researchers, scientists and clinicians easier access to expertise, research, and manufacturing solutions.
Addressing Accessibility and Affordability of CELL & GENE THERAPIES
Cell and gene therapies (CGT) are one of the hottest sectors in the pharmaceutical industry.
Korea designs sweat resistant wearable robot sensor
New electromyography (EMG) sensor technology that allows the long-term stable control of wearable robots and is not affected by the wearer's sweat and dead skin has gained attention recently.
