The South Korean Ministry of Health and Welfare has gone on to announce the first ever comprehensive plan when it comes to the development and support of the medical device industry so as to make the market a worldwide medical device export powerhouse.
The plan is from 2023 through 2027, which is a follow-up of strategies to create novel bio-health markets that were discussed on February 28. The medical device sector is anticipated to implement a high and sustainable growth potential because of the global trends, which include economic growth, an ageing population, and, of course, growing interest when it comes to health.
According to Cho KyooHong, the Minister of Health and Welfare, their medical device sector took a leap forward during the course of COVID-19.
They now need to build long-term support strategies so as to ensure the sector’s sustainable growth and also maintain its momentum in exports.
In this regard, they have gone on to develop the first long-term comprehensive plan under the Nurturing Medical Devices Industry and Innovative Medical Devices Act in order to help the industry become competitive globally and also lead the much wider bio-health sector, and they shall work even more to make the cooperation robust within the sector and also secure the required budget, added the minister.