Sandangong-Seoul City, Establishment of G-Valley Medical Device Development Support Center

Post-COVID Medical Device 'Planning-Development-Clinical-Approval' One-Stop Support

[Asia Economy Reporter Kim Cheol-hyun] Korea Industrial Complex Corporation (Chairman Kim Jeong-hwan, hereinafter referred to as KICO) announced that it will sign a non-face-to-face "Business Agreement for the Establishment and Operation of the G-Valley Medical Device Development Support Center" with Seoul City on the 21st. KICO and Seoul City signed this agreement to expand the bio-healthcare industry infrastructure in preparation for the post-COVID-19 era and to strengthen the competitiveness of the medical device industry through the convergence of future medical technologies.

The G-Valley Medical Device Development Support Center will function as a one-stop support for all stages of medical device planning, development, clinical trials, and approval, and is planned to be established with a total area of 200 pyeong, including corporate support spaces, basic experimental laboratories, and technical support rooms. For the establishment and operation costs of the support center, Seoul City will invest a total budget of 5.4 billion KRW from 2021 to 2023, and the Ministry of Trade, Industry and Energy and KICO will spend about 6.4 billion KRW to purchase the center's construction space and operate the project.

The G-Valley Medical Device Development Support Center is scheduled to open in July next year, and will connect medical device development companies and medical institution experts within G-Valley to support ▲ device development using medical big data ▲ design-clinical-usability evaluation support ▲ in vitro diagnostic device development ▲ medical device development and technology commercialization ▲ investment attraction for medical device manufacturers.

In G-Valley (Seoul Digital Industrial Complex), 32.4% of Seoul City's medical device companies and 29.1% of Internet of Things (IoT) industry companies are located, and nearby G-Valley, infrastructure such as medical device reporting and certification institutions is concentrated. Chairman Kim Jeong-hwan of KICO said, "Taking this business agreement as an opportunity, we will closely cooperate with Seoul City to support the establishment of the G-Valley medical device development ecosystem and the fostering of new growth industries, contributing to the creation of quality jobs and revitalization of the local economy."

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