This is the news of MEDITEK's "2024 Medical Devices and Healthcare TECH & BM Scale-Up Forum" where CEO Shim Kyung-sik of SYP Co., Ltd. participated as a speaker. 

"The global market share of domestic medical devices has been 2% for 20 years..."Keep to global standards" 

It has been suggested that advanced medical devices should be developed in accordance with global standards from the idea planning and design stage.

Heo Young, vice chairman of the Korea Smart Medical Device Industry Promotion Foundation, made the announcement at the 'Medical Devices and Healthcare TECH & BM Scale-Up Forum' hosted by MEDITEK at the Press Center in Seoul on the 27th.

Vice Chairman Heo Young, who took the podium under the theme of "Necessity to standardize K-medical devices in consideration of entry into overseas markets, our current situation, and future strategies," cited the increase in smart medical devices such as non-face-to-face treatment and medical robots as a major feature of the recent medical paradigm change due to the prolonged COVID-19. "As such, the importance of proving the safety and performance of smart medical devices is expanding, and international standards are also changing significantly."

He analyzed, "The global market share of domestic medical devices has not exceeded 2% over the past 20 years, imported medical devices in domestic university hospitals account for 3 out of 10, and most radiation therapy devices are foreign equipment."

Vice Chairman Heo Young explained, "Domestic medical devices were caused by weak global standards and lack of competitiveness due to the lack of product standards and standards," according to a survey of 268 people, including medical staff at Seoul National University Hospital, to understand why the market share of domestic products is so low.

"The global standards must be observed from the idea planning and design stage, that is, the early stage of development," he said. "In particular, the level of global standard requirements and verification and performance measurement methods themselves is also on the rise recently, so it is necessary to fully accommodate the increased global standard requirements in domestic medical device development projects."

In addition, he added, "Most of the domestic bio and healthcare sectors are small and medium-sized enterprises, making it difficult to lead by reflecting global standards or creating new standards," adding, "The government's active R&D (R&D) budget support and cooperation between industry, academia, research, and disease are of paramount importance."

At the forum, △Yeo In-seop, head of VentureBlick Korea, said, "Exploring opportunities for accelerating in the medical device and healthcare sector in the global market." △Yoo Kyu-ha, a professor at Samsung Medical Center, said, "Hospital strategies and support cases for commercializing innovative medical devices and healthcare technologies with various domestic and foreign industries, universities, and universities." △Yang In-cheol, CEO of SolMedics, said, "SolMedics' efforts to incubate hospital doctors' on-site ideas to meet market demand and lead them to the global market." △ Shim Kyung-sik, CEO of SYP, announced, "A case of open innovation-based technology commercialization of medical devices and healthcare companies."

"We planned this event to prepare an 'open innovation (open innovation)-based technology commercialization site' to promote sustainable technological innovation and market growth in the medical device and healthcare sectors," said Yong Hong-taek, chairman of the MEDITEK Organizing Committee. "It was a meaningful time for universities, public research institutes, and start-ups in the bio and healthcare sectors to share what we need to think about together to scale up and leap into the global market."

The event was hosted by MEDITEK and organized by the Daegu Gyeongbuk Advanced Medical Industry Promotion Foundation, the R&D Special Zone Promotion Foundation, the Osong Advanced Medical Industry Promotion Foundation, the Korea Technology Holding Companies Association, the Korea Research Foundation, and the Korea University Technology Transfer Association.