Korea Invests $940M to Pioneer Next-Generation Medical Devices, Bolster Health Security
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korea is embarking on an ambitious, multi-billion dollar initiative to revolutionize its medical device industry, aiming to develop both world-first technologies and secure domestic supply chains for essential healthcare products. The government will invest 940.8 billion Korean won (approximately $727 million USD) over the next seven years, beginning in 2025, in the “Second Ministry-wide Advanced Medical Device Research and Growth Project.”
this new phase builds upon a six-year, 1.1971 trillion won (approximately $925 million USD) investment – comprised of 987.6 billion won from the government and 209.5 billion won from the private sector – launched in 2020.The initial project, a collaborative effort between the Ministry of Science and ICT, the Ministry of Trade, Industry and Energy, the Ministry of Health and Welfare, and the Ministry of Food and Drug Safety, focused on future-oriented medical technologies. The second project group will prioritize technologies poised to dominate the global market, alongside strengthening “health security” through domestic production of critical devices.
First Phase Yields Breakthroughs in Wearable Technology and Diagnostics
The first phase of the project has already delivered meaningful advancements, especially in wearable technology and diagnostics. MobiCare, Korea’s leading ECG testing company, has made strides in arrhythmia detection by continuously refining its AI algorithms with a vast dataset of electrocardiogram data, aiming to deliver increasingly precise and reliable results.
Beyond wearables, the first project group also achieved breakthroughs in cancer diagnostics and essential medical supplies.Noeul’s cervical cancer diagnosis solution, ‘My Lab CER,’ has received a recommendation from the World Health Organization.Furthermore, a collaboration with sinopex resulted in the successful development of a domestically produced blood filter for artificial kidneys, ending Korea’s complete reliance on imports for this critical component.
From 2020 to 2024, the first project group supported 467 tasks, resulting in 433 domestic and foreign licenses, 72 technology transfers, and 254 commercialization projects.
Second Phase Targets Global Leadership and Essential Device Independence
The second phase of the project aims to build on this momentum, with a focus on achieving six “world’s first or highest level game-changing medical devices” and 13 essential medical devices produced domestically.
Specific areas of focus for groundbreaking innovation include:
- AI self-driving endoscope
- Implantable brain-computer interface (BCI) device
- Quantitative diagnosis medical imaging AI
The project will also prioritize the development of advanced medical devices currently arduous to produce in Korea, such as:
- Super-resolution PET for early cancer diagnosis
- PCR device (liquid biopsy) for early cancer diagnosis
- Radiation cancer treatment device that reduces damage to normal tissue
A key component of the second phase is bolstering the domestic production of essential medical devices, including artificial blood vessels, heart pacemakers, peritoneal dialysis devices, artificial heart valves, and cardiac catheters. These devices have historically been reliant on overseas suppliers, creating vulnerabilities in the domestic healthcare system.
“Essential medical devices may be difficult to develop or may not be profitable, so they may not want to develop them,” stated Park Ji-hoon, PD of the Korea Institute of industrial Technology Planning and Evaluation, during a briefing. to address this, the government plans to survey companies to gauge interest and prioritize development support for areas where domestic firms are willing to invest.
However, a project team official cautioned that the budget remains subject to final approval by the National Assembly and that project details may evolve. Despite this caveat, the initiative signals a strong commitment from the Korean government to establish itself as a global leader in medical device innovation and ensure a secure and resilient healthcare future for its citizens.
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