National Institute for Korean Medicine Development Seeks Future Leaders of the Industry! Applications Open Until September 23

Total Prize Money of 80 Million Won, Including 50 Million Won for the Grand Prize Winner

Poster for the Future Korean Medicine New Products and New Technologies Competition.

[The Asia Business Daily Yeongnam Bureau, Reporter Yeo Jonggu] "We are looking for the future leaders of the Korean medicine industry."

The National Institute for Korean Medicine Development, with the support of the Ministry of Health and Welfare, will host the 2nd Future Korean Medicine New Products and New Technologies Competition.

This competition, now in its second year, aims to create new added value for the Korean medicine industry by discovering and fostering future growth engines for the sector.

The competition is open to all citizens, either as individuals or groups, and there are a total of six categories for participation.

The categories include: herbal formulations, Korean medical devices, new Korean medical technologies, Korean medicine software, new materials for Korean medicine, and convergence or fusion products or technologies that integrate advanced scientific and clinical techniques with Korean medicine theory.

Participants may enter at any stage from research and development in clinical trials to new medical technology assessment after product approval. Applicants must be able to submit or demonstrate a prototype, and should have relevant papers or patents.

The teams selected as finalists will receive a total of 80 million won in business support funds, with the grand prize winner receiving an award from the Minister of Health and Welfare and 50 million won in prize money.

Additionally, award-winning teams will receive incentives when participating in projects promoted by the National Institute for Korean Medicine Development, such as modernization support and startup or demonstration support.

The judging process consists of a preliminary round, where 6 to 8 teams will be selected for the finals. The final round involves product introductions and demonstrations before a panel of judges, with the winners determined on site.

After the preliminary evaluation, the finals will be produced as a television program (scheduled to be filmed in November) and broadcast in December.

Applications are accepted from August 22 until 6 p.m. on September 23. Applicants should download the application form from the National Institute for Korean Medicine Development website, complete it, and submit it via email. Detailed information about the competition can also be found on the institute's website.

Jung Changhyun, President of the National Institute for Korean Medicine Development, stated, "This competition is an opportunity to showcase the achievements of the Korean medicine industry and demonstrate its future value. Participants will have a valuable opportunity to have their products and technologies evaluated by experts and to explore future directions."

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