South Korea to invest over 900 bln won to develop 'game-changers' in medical device sector
South Korea will invest over 900 billion won (US$622.1 million) over the next seven years to develop "game-changing" medical devices, the industry ministry said Wednesday, Yonhap reports.
From next year to 2030, the government will mobilize 941 billion won in support funds for hospitals, research centers and related companies to develop new medical devices, the Ministry of Trade, Industry and Resources said.
Investments will focus on six areas, including medical robots, dental implants and next-generation molecular diagnosis technologies.
The government also aims to localize 13 pieces of critical medical equipment, for which the country currently relies heavily on imports, as part of efforts to enhance its medical security.
"This is a pan-government collaboration project to support the development of high-tech medical devices, the country's growth engine," the industry ministry said in a press release. "For the successful implementation of the project, we will continue to closely communicate with the research community."
The project is a follow-up to an earlier one that ran from 2020-2025.
The previous project resulted in a total of 433 domestic and international regulatory approvals, cumulative sales of 185.2 billion won and 445 patent registrations in the medical device sector.
Earlier, South Korea’s exports of cosmetics products hit fresh high through September.
