The Korea Medical Devices Industry Association (KMDIA) and the Taiwan Bio-Medical Care Association (TBMCA) signed a memorandum of understanding on Monday.

KMDIA said on Wednesday that the MOU is designed to enhance information exchange and mutual trade in Korea and Taiwan's medical device markets and promote cooperative projects to support the members of both organizations.

With the signing of the agreement, the two organizations will work to develop medical device trade and markets in Korea and Taiwan; share medical device regulations, health policies, and systems in both countries; identify and jointly implement projects to support member companies and exchange information (business, marketing, industry statistics, and market data); conduct seminars, buyer matching, exhibition activities, and promotion in the medical device field; and conduct other special projects proposed by both organizations.

TBMCA has more than 300 members, including companies and R&D institutes, and has been gradually expanding the number of members. The Taiwanese medical device industry group has also participated in the Korea International Medical and Hospital Equipment Show (KIMES) in Seoul and Busan every year for more than 10 years, showing its interest in the Korean medical device industry by establishing a Taiwanese pavilion.

Following the signing of the MOU, the leaders of the two organizations discussed mutual exchange and cooperation, export promotion, and the development of a cooperation agenda.

"Korea exports more than 70 percent of its locally produced medical devices, so it is very important for us to develop overseas sales routes," KMDIA Chairman Kim Young-min said. "The signing of this agreement is a great opportunity to create new businesses in this era of population aging. We look forward to being good partners in improving people's health in both countries."

TBMCA Chairman Formosa Lu said, "We are pleased to sign a business agreement with the Korea Medical Devices Industry Association, a representative medical device organization in Korea. As TBMCA works closely with Taiwanese government agencies related to health and medical devices and customs, let’s share information on entering the Taiwan market and take this opportunity for mutual development."

Also attending the signing ceremony were KMDIA’s full-time vice chairman, Kim Myung-jeong, KMDIA Vice Chairman Kit Tang, also CEO of Roche-Diagnostics Korea, and KMDIA Vice Chairman Lee Jin-hyu, also CEO of Dongbang Medical Devices, the domestic sales outlet of Welch Ally, and KMDIA Managing Director Na Heung-bok.

Many Taiwanese officials, including TBMCA Vice Chairman William Wang, also participated in the event.