Launch of 'DTx US Market Entry Business Consortium'
Participants are taking a commemorative photo at the inauguration ceremony of the 'DTx US Market Entry Business Council' held on the 13th.
[Asia Economy Reporter Chunhee Lee] The Korea Health Industry Development Institute (KHIDI) has initiated the formation of a consultative body to support domestic digital therapeutics (DTx) companies in entering the U.S. market.
On the 16th, the institute announced that it launched the "DTx U.S. Market Entry Companies Consultative Body" and held an international seminar on the 13th in conjunction with "Bio Korea 2022."
The consultative body includes companies preparing to enter the U.S. market in the DTx sector, such as Neofact, Salted, EverX, Welt, Herings, and BW Biomed. Nam Byungho, CEO of Herings, was elected chairman, and Kang Sungji, CEO of Welt, was elected vice chairman. The consultative body plans to share issues and know-how related to U.S. market entry among companies and explore cooperative entry strategies.
For issues that are difficult for individual companies to resolve alone, the institute’s headquarters (Medical Device and Cosmetics Business Division) and its U.S. branch office in Boston will collaborate to provide policy support. Additionally, in connection with the upcoming "DTx East" international conference held in Boston at the end of September, the consultative body will support global promotion and networking for participating companies. DTx East is an international conference organized by the U.S. Digital Therapeutics Alliance (DTA).
On the 13th, a panel discussion took place at the 'Bio Korea 2022' DTx Development and Business Model Establishment Strategy Seminar held at COEX in Gangnam-gu, Seoul.
Following the launch ceremony, an international seminar titled "DTx Development and Business Model Establishment Strategy" was held. Professor Jeon Hongjin of the Department of Psychiatry at Samsung Seoul Hospital chaired the seminar, which featured presentations and in-depth panel discussions by domestic experts including Kim Chiwon, Managing Director of Kakao Ventures; Professor Shin Jaeyong of Yonsei University; and Nam Byungho, CEO of Herings, as well as U.S.-based DTx experts such as Jennifer Cho, CEO of Vanguard Health, and Brent Von, CEO of Cognito.
The seminar focused on overcoming challenges faced by DTx development companies, centering on U.S. DTx regulatory approval and insurance listing cases. Key discussions included proving cost-effectiveness and determining the direction of clinical research after approval.
Park Soonman, head of the institute’s U.S. branch, stated, “Through this consultative body, we will support organic cooperation among domestic companies and strive to create collaborative cases that lead to overseas investment.” Hwang Seongeun, director of the Medical Device and Cosmetics Industry Division at the institute, added, “The seminar highlighted that in the U.S. market, continuous evidence demonstration is necessary even after regulatory approval for the introduction of DTx into medical practice, including proving cost-effectiveness. Through this year’s new project, the ‘Digital Health Medical Device Demonstration Project,’ we will actively support clinical design and demonstration research that considers the post-approval phase of DTx.”
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