Gyeonggi Province to Provide Tailored Support for 23 Medical Device SMEs... Up to 50 Million Won per Company
Gyeonggi Province and the Gyeonggi Institute of Economic Science and Technology are launching support initiatives for small and medium-sized enterprises (SMEs) in the medical device sector.
On April 24, Gyeonggi Province announced that it will allocate a total budget of 1 billion won to provide tailored support to 23 medical device SMEs in the province. The support will cover continuous coordination, usability evaluation, clinical trials, and prototype production.
The selection and support of SMEs will be managed by a consortium comprising Gyeonggi Province, the Gyeonggi Institute of Economic Science and Technology, Ajou University Hospital, Korea University Ansan Hospital, and the Korea Testing & Research Institute.
The program is structured to ensure that SMEs receive step-by-step support required throughout the product development process.
By category, the support includes: ▲ usability evaluation (4 companies, 30 million won each), ▲ consulting for clinical trial planning and regulatory documentation (5 companies, 30 million won each), ▲ post-marketing clinical trials and real-world evaluation (2 companies, 50 million won each), and ▲ prototype production and testing/analysis (12 companies, 30 million won each). However, mold production is excluded from the support categories.
Gyeonggi Province will also host various networking events, including company-user hands-on sessions. In these hands-on networking events, selected companies' outstanding products will be used directly (hands-on) by Ajou University Hospital, Korea University Ansan Hospital, and the Korea Testing & Research Institute to discuss quality improvements. This is expected to help companies expand into domestic and international markets.
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Um Kiman, Director of the Bioindustry Division of Gyeonggi Province, stated, "This initiative is a practical support measure to enhance the capabilities of local medical device companies to enter domestic and international markets," adding, "It will be of great help to medical device SMEs in the province that are struggling with development and commercialization."
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