Newmed CEO Kang Heewon Receives Ministerial Commendation from Ministry of SMEs and Startups as Model Small Business Entrepreneur

[Asia Economy Reporter Hyungsoo Park] NewMed, a natural product research and development company, announced that CEO Kang Heewon received the Model Small and Medium Enterprise (SME) Entrepreneur Award in the manufacturing sector at the '2022 Seoul SME Entrepreneurs Conference.'

This is the largest event in the SME sector that honors entrepreneurs who have contributed to national economic development and individuals who have contributed to the fostering and advancement of SMEs. NewMed was recognized as an R&D company realizing universal public health through the rediscovery of natural products.

NewMed has researched the efficacy of natural products for over 20 years. Through technology commercialization, it developed four functional ingredients for health functional foods, including Hwanggi Extract Complex (HT042, for children's height growth) and Paeonia Extract Complex (HT074, for stomach health), which received individual approval from the Ministry of Food and Drug Safety.

Last year, NewMed was selected as a technology transfer and commercialization (R&BD) support company in the Hongneung Small Giant R&D Special Zone by the Ministry of Science and ICT. Based on iMED, an independent food and drug R&D platform grounded in Korean medicine, NewMed is striving to advance core technologies through various joint research, industry-academia cooperation, and internal and external technical consultations.

NewMed is developing multiple new individually approved materials, including a functional ingredient for improving prostate health, which has obtained domestic patents. The company is growing by commercializing tangible R&D achievements. Last year, sales increased by approximately 40% compared to the previous year. It recorded an average annual growth rate of 21.5% over the past five years.

CEO Kang Heewon of NewMed explained, "Interest in health functional foods is increasing amid the difficult situation of the COVID-19 pandemic," adding, "This is the result of consumers recognizing the differentiated functionality and safety of NewMed's ingredients."