Neofect Selected as 'Smart Medical Division Head' at Industrial Convergence Regulatory Sandbox Approved Companies Council

[Asia Economy Reporter Yoo Hyun-seok] NeoFect, a specialized company in innovative medical solutions, announced on the 11th that it has been selected as the head of the healthcare division in the Ministry of Trade, Industry and Energy's 'Industrial Convergence Regulatory Sandbox Approved Companies Council.'

On the same day, the Ministry of Trade, Industry and Energy held the inauguration ceremony of the 'Industrial Convergence Regulatory Sandbox Approved Companies Council' chaired by Vice Minister Park Jin-gyu. This council was established to form a network among regulatory sandbox approved companies and to resolve difficulties encountered during business operations. A total of 77 approved companies participated across six divisions: smart medical, future cars & mobility, sharing economy, energy, food & health, and digital & convergence.

NeoFect was selected as the head of the smart medical division and presented on the topics of non-face-to-face home rehabilitation medical devices business and the domestic non-face-to-face medical market as key success cases.

Ban Ho-young, CEO of NeoFect, said, "Due to the COVID-19 pandemic, the structural barriers of the existing healthcare system have weakened, making non-face-to-face medical care a global core trend," and added, "With the continuous growth expected in the non-face-to-face medical and digital therapeutics markets, various healthcare methods including non-face-to-face medical care are predicted to be applied within 5 to 10 years."

He continued, "Especially in rehabilitation treatment, many patients give up midway or are marginalized due to hospital capacity limits, hospitalization costs, and health insurance financial burdens, so new alternatives are urgently needed," emphasizing, "Non-face-to-face home rehabilitation can reduce these social costs by about five times, increase patients' participation in rehabilitation, and enable return to daily life through early intensive rehabilitation training, representing the next-generation healthcare system."

NeoFect provides rehabilitation devices and solutions for patients with neurological diseases such as stroke and dementia. In June, it was selected as the first case for the Ministry of Trade, Industry and Energy's regulatory sandbox demonstration exemption in the home rehabilitation field. Patients receive appropriate training recommendations through NeoFect's AI (artificial intelligence)-based home rehabilitation platform and can perform rehabilitation training independently at home. Physical and occupational therapists monitor training data at hospitals and guide patients regularly through video calls.

The Ministry of Trade, Industry and Energy plans to resolve difficulties faced by companies during the business launch process after receiving special exemptions through the approved companies council. Furthermore, the council is expected to play an active role by providing guidance on systems supporting commercialization such as financial support, patent applications, and public procurement.