The Ministry of Health and Welfare stressed that Korean medical equipment makers should focus on research and development (R&D) to maintain their competitiveness, at the KoNECT-DIA International Conference on Clinical Trials Wednesday.
The domestic medical device market is growing at an annual average rate of 1.5 percent and has 1.7 percent global market share.
“Although Korean products are not big in the global medical device market, devices such as dental, imaging machines and ultrasound equipment are attracting attention,” said Kim Joo-young 김주영, an official at the ministry’s 보건복지부 Health Industry Promotion Division. “The government is considering ways to support the development of the medical device industry.”
Such support includes supporting R&D for medical device companies, including providing them with 3D printers and supporting companies entering the global market.
The government will also lower costs, provide technical consulting and quickly provide expenses related to the equipment to deploy them in the medical field, Kim added.
The KoNECT-DIA International Conference on Clinical Trials, which marks its third year, is co-hosted by Korea National Enterprise for Clinical Trials (KoNECT) and Drug Information Association (DIA). The conference will discuss a wide range of topics from clinical development to the future of clinical trials for three days at Conrad Hotel, Seoul.
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