SD Biosensor Unveils Flagship Product 'M10'
Genolution, Ngenbio, Micobiomed, and Others
Major Domestic Diagnostic Companies Attend... Targeting US Market
Diagnostic Reagents Achieve $2.1 Billion Trade Surplus in First Half
[Asia Economy Reporter Lee Gwan-joo] From the 24th to the 28th (local time), the domestic diagnostic industry significantly enhanced the status of 'K-Bio' by actively participating in the world's largest academic conference and expo in the diagnostic testing field, the '2022 AACC (American Association for Clinical Chemistry)' held in Chicago, USA. Amid the COVID-19 pandemic phase, domestic diagnostic companies have been actively expanding overseas, emerging as new export engines.
According to the pharmaceutical and bio industry on the 31st, this year's AACC was organized as a venue where over 830 companies and in vitro diagnostic experts from around the world participated to present various research results and promote their companies.
Domestic companies also attended AACC to showcase their latest products and future visions. First, SD Biosensor, which successfully completed the largest domestic industry merger and acquisition (M&A) worth 2 trillion KRW this year, focused on introducing its product portfolio ahead of full-scale entry into the U.S. market. Centered on the rapid molecular diagnostic device 'STANDARD M10,' which is currently their main product, they introduced the rapid diagnostic STANDARD Q, fluorescent immunodiagnostic STANDARD F, molecular diagnostic STANDARD M, and the Chronic care product line of blood glucose meters.
The M10 is a rapid molecular diagnostic device that maintains the accuracy of PCR tests while reducing the testing time from several hours or more than a day to within one hour. Jo Hye-im, Executive Director of Marketing and Public Relations at SD Biosensor, said, “This was the first exhibition after the decision to acquire a U.S. in vitro diagnostic company. Many industry stakeholders visited our booth, showing great interest in our company and product brands, allowing us to feel the increased recognition in the U.S. market. Starting with this exhibition, we will actively promote our company in the U.S. market to introduce SD Biosensor, which has a diverse portfolio, to U.S. customers and solidify our position in the market.”
Genolution showcased a variety of products at this AACC, including ▲existing molecular diagnostic devices such as the NX series ▲new devices NX-Duo and NX-24SA, as well as large-scale fully automated extraction equipment ▲reagents including nucleic acid extraction kits for monkeypox testing. In particular, the nucleic acid extraction kit for monkeypox testing is expected to open good opportunities amid the growing spread of monkeypox in the U.S. Additionally, through the new NX-Duo product, Genolution plans to target the precision medicine market such as genomic analysis (sequencing) and direct-to-consumer (DTC) personal genome analysis based on its next-generation sequencing (NGS) technology, not only in the liquid biopsy market.
Enzynbio also introduced NGS-based ▲breast and ovarian cancer precision diagnostic product BRCAaccuTest ▲hematologic cancer precision diagnostic test HEMEaccuTest ▲solid tumor precision diagnostic test ONCOaccuTest ▲tissue compatibility antigen precision diagnostic test HLAaccuTest ▲and disease genome analysis software. Especially, through local meetings with distant distributor partners in Europe, Latin America, and other regions delayed by COVID-19, they discussed market conditions and sales strategies in each country and plan to export key products such as BRCA, ONCO, and tuberculosis by country.
The 'MicoBio Alliance,' led by Micobiomed, also promoted each company's main product lineup using a joint booth. The alliance consists of Micobiomed and competitive domestic and international diagnostic companies such as Trinity Biotech, Speclipse, and Absology, in which Micobiomed and Mico have made strategic investments. At this AACC, Micobiomed showcased its saliva PCR kit as a main product, which is easier to collect samples than the conventional PCR test using nasopharyngeal swabs and more accurate than rapid antigen diagnostic kits.
As domestic diagnostic companies accelerate their global market entry, domestic diagnostic reagents have also enhanced their status by recording a trade surplus exceeding 2 billion USD in the first half of this year. According to customs export-import trade statistics, South Korea's exports of diagnostic reagents (HS code 3822) in the first half of this year amounted to 2.60978 billion USD, while imports were 449.04 million USD, resulting in a trade surplus of approximately 2.16 billion USD. Among these, diagnostic reagents classified as others (HS code 382219) accounted for 97% of exports, including COVID-19 antigen/antibody diagnostic reagents and molecular diagnostic reagents. The largest export destination for South Korea's diagnostic reagents was the U.S. (514.49 million USD), followed by Taiwan, Canada, Japan, and Germany. The U.S. was also the largest import country (167.76 million USD). The trade surplus of diagnostic reagents in the U.S. market showed a surplus of about 340 million USD as of the first half of this year.
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