Zencurix Selected as Government-Supported 'Innovative Medical Device Company'... "Comprehensive Support Benefits"
[Asia Economy Reporter Hyunseok Yoo] GenCurix announced on the 30th that it has been selected as an ‘Innovative Medical Device Company’ supported and fostered by the government under the ‘Medical Device Industry Promotion and Innovative Medical Device Support Act (Medical Device Industry Act).’
Through this selection as an innovative medical device company, GenCurix is expected to receive comprehensive government support over the next three years, including preferential participation in research and development projects and additional points in new product user evaluations. In particular, since special approval procedures and tax benefits apply, it is anticipated that rapid product commercialization and cost reduction will be possible due to shortened approval periods.
The selection process for innovative medical device companies involved evaluations of ▲excellence of input resources ▲innovation in research and development activities ▲excellence of research and development outcomes ▲corporate social responsibility. The selection involved the Ministry of Health and Welfare, the Medical Device Industry Comprehensive Support Center, and the Medical Device Industry Promotion and Support Committee.
A company representative stated, “This selection is evaluated as proof of the high competitiveness of the innovative medical technologies the company possesses,” and added, “We expect to receive comprehensive support linked to the ‘Pan-Ministerial Full-Cycle Medical Device Research and Development Project,’ which the government will launch in the second half of this year with a scale of 1.2 trillion won over five years.”
Founded in 2011, GenCurix is a cancer diagnostics specialist company providing breast cancer prognosis diagnostics, lung and colorectal cancer companion diagnostics, and early diagnosis solutions for colorectal and liver cancers. Its main product is the breast cancer prognosis diagnostic kit ‘Jinswell BCT,’ which analyzes biomarkers to determine the likelihood of breast cancer recurrence within 10 years. ‘Jinswell BCT’ was approved as an innovative medical technology last October, making it eligible for reimbursement under indemnity health insurance.
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Meanwhile, the government announced in May through the enforcement decree of the Medical Device Industry Act that it will foster the domestic medical device industry more systematically and provide new treatment opportunities to the public in a timely manner. Innovative medical devices will be given priority in review compared to other medical devices, with special approval procedures applied to ensure smooth authorization.
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