Gyeonggi-do Supports Overseas Expansion of Medical Device Companies

Gyeonggi Province will newly launch the ‘Support for Overseas Expansion of Medical Device Companies’ this year to foster and develop the medical device industry within the province.

The support for overseas expansion of medical device companies is a project that assists small and medium-sized enterprises (SMEs) that own excellent products but struggle with overseas expansion due to lack of funds and experience, by providing overseas market research and analysis, regulatory approval consulting, user evaluations, and more. The total project support fund is 500 million KRW.

The support targets medical device companies that own domestically produced products that have obtained manufacturing approval, certification, or notification from the Ministry of Food and Drug Safety and are preparing to enter the market or are currently selling their products. The company must have at least one of the following located in Gyeonggi Province: headquarters, research institute, or manufacturing facility.

Gyeonggi Provincial Government

Um Giman, Director of the Bio Industry Division of Gyeonggi Province, said, "By establishing a platform involving major hospitals and supporting overseas expansion, we expect to reduce trial and error in medical device development and increase sales for companies." He added, "We will continue to discover corporate support policies and do our best to foster and develop the medical device industry in Gyeonggi Province."

Meanwhile, Gyeonggi Province has been operating a medical device development support project that provides continuous coordinating, prototype production, clinical trials, and real-use evaluations for SMEs. The budget for this year is 1 billion KRW.