Environmental Scan 2017: Human Capital Issues within the Medical Devices Sector
Benchmarked Countries
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Description
The South Korean medical technology industry is growing at approximately 15 % annually. The United States and Germany are among the top three importers of medical devices from South Korea. One of the key drivers of the growth of the medical devices industry is the aging population. The increasing number of aging population, is leading to the increase in demand for artificial joints, orthopedic implants and self-diagnosis medical kits.
South Korea leads when it comes to the manufacturing of ultrasound and imaging devices. South Korea has also moved up the value chain to manufacture high-end devices such as automated external defibrillators, capsule endoscopy and dermatologic lasers.
To further promote the growth of the medical devices industry in South Korea, the government introduced the medical cluster projects in 2009, which would continue till 2038. One example of the medical cluster project is the Medivalley project located in Daegu, Seoul, the capital city of Korea.
Medivalley has core facilities for R & D related medical drug companies. The core facilities include Medical Device Development Center( MDDC), which aims to provide a one-stop solution which includes applied R & D support, prototyping and effectiveness evaluations.
The South Korean government also has a targeted approach for its exports of Medical Devices. For an example, for the ASEAN market their focus is on imaging type of equipment for new and expanding private hospitals within the region. For markets like Japan, the focus is on regenerative medicine while for the Latin American market the focus is on centralized diagnostic equipment to help with remote diagnostics.
The South Korean government is going to pursue a midto-long term plan to become one of the top 7 countries in the medical device sector by 2020
Talent Development Initiative � SSB-Korea Innovation Partnership( SKIP)
o The SSB – Korea Innovation Partnership is collaboration between Stanford Biodesign( SSB) and Dongguk University in South Korea. The core goal of this program is to develop new talent
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