Opening Export Routes with 'K-Bio' R&D... Ventilators, ECMO, and More

On the afternoon of the 16th, Hong Nam-ki, Deputy Prime Minister and Minister of Strategy and Finance, and CEO Kim Jae-seop visited Aprogen in Jungwon-gu, Seongnam-si, and examined a rat's knee joint through a microscope. / Seongnam - Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Junho Hwang] The government will invest 1.1971 trillion won in the development of domestically produced medical devices with global competitiveness. This move aims to strengthen global market penetration by capitalizing on the increased recognition of K-bio following the COVID-19 pandemic. The focus will be on developing technologies in areas where Korea has strengths, such as ventilators, extracorporeal membrane oxygenation (ECMO) devices, and respiratory disease in vitro diagnostic devices.

The Ministry of Science and ICT and three other ministries have agreed to invest 1.1971 trillion won by 2025 and opened the "Full-cycle Medical Device R&D Consortium" on the 13th to oversee this project. The consortium will support the development of domestically produced medical devices with global competitiveness from the research and development (R&D) stage through approval by the Ministry of Food and Drug Safety.

Specifically, the project aims to enhance the technology of ventilators to expand overseas market entry. Although domestically produced ventilators have been developed, imported products currently dominate the market. However, with the outbreak of COVID-19, orders have been pouring in, and the order book is full until October.

The government expects that improving ventilator technology through this project will further increase export volumes. According to the U.S. market research firm TMR, the global ventilator market is projected to grow at an average annual rate of 4.8% by 2024, reaching a scale of 1.8 billion dollars.

The technology level of COVID-19 diagnostic equipment is also expected to advance significantly through this project. The plan includes developing an automated diagnostic platform from specimen preprocessing to detection and creating compact equipment for rapid on-site testing. The strategy is to establish global competitiveness from diagnostic reagents to diagnostic devices. According to the National Institute of Food and Drug Safety Evaluation, the global in vitro diagnostic device market is expected to grow to 71.397 billion dollars by 2025.

On the 12th, as the number of confirmed cases of the novel coronavirus infection (COVID-19) related to Itaewon clubs increases, medical staff are guiding an elderly person at the screening clinic set up at Soonchunhyang University Seoul Hospital in Yongsan-gu, Seoul. Photo by Mo Honam munonam@

The core component of ECMO, the oxygenator, which is currently fully dependent on imports, will be domestically produced. Changseon Lee, Director of the Life Technology Division at the Ministry of Science and ICT, stated, "Equipment like ECMO requires strategic R&D because it is difficult to urgently procure from overseas markets in national emergencies."

In addition, the consortium plans to enhance the technology of key products in the global market such as ultrasound, laser, and dental devices. It will support the development of medical devices incorporating advanced technologies of the Fourth Industrial Revolution, including artificial intelligence and big data, as well as devices for disabilities and elderly diseases. Seogon Ko, Director of Basic and Fundamental Research Policy at the Ministry of Science and ICT, said, "The government will spare no effort to support the development of innovative technologies, product commercialization, market entry, and industrial growth."

This content was produced with the assistance of AI translation services.