South Korea Healthcare Consulting
Following President Yoon Suk Yeol’s official U.S. visit in April, Korean government agencies, including the Ministry of Trade, Industry and Energy (MOTIE), have announced plans to nurture its bio-health industry and seek private investment worth $1billion by 2026. With the Korean government declaring the healthcare sector as the next export engine after semiconductors, the interest of Korean healthcare companies in expanding overseas has never been higher.
The COVID-19 pandemic brought substantial changes to the Korean healthcare industry, and the Korean government’s new export strategy is based on data on exports of medical devices and medicines, which increased significantly from 2020 to 2022. Korea’s medical device exports grew from $3.7 billion in 2019 to $6.6 billion in 2020, making Korea an export-driven country for medical devices. The exports of health supplements and drugs also increased significantly, especially to the U.S. In 2020, Korea exported $442 million worth of health supplements and $643 million worth of drugs to the U.S., but the amount increased to $516 million and $1.1 billion by 2021, respectively.
As Korea emerges as a leading exporter of medical devices, health supplements, and pharmaceuticals, there are increasing business opportunities for U.S. healthcare consulting firms to help Korean companies enter the global markets. The areas of consulting include quality standards, regulation, clinical research, product registration, medical device licensing, funding, and market access. U.S. healthcare consulting firms are encouraged to participate in Korean exhibitions to meet with prospective Korean clients.
Trade Show Information
- Korea International Medical & Hospital Equipment Show https://kimes.kr/eng/
- BIO KOREA International Convention https://www.biokorea.org/index.asp
- CPHI Korea https://www.cphi.com/korea/en/home.html