LAMEDITECH

KOTRA, together with Korea Health Industry Development Institute and Korea Pharmaceutical Traders Associations will dispatch “South East Asia Medical Delegation” to Indonesia, Singapore and Myanmar from 13^th to 17^th (local time).

The delegation team consists of a total of 17 firms including six pharmaceuticals including Celltrion, a leader of biosimilar, five medical device companies including Bioneer that manufactures diagnosis kits as well as six hospitals highly interested in exporting medical services to Southeast Asian hospitals. The delegation is scheduled to hold 1:1 business consultation sessions with a total of 150 buyers and take part in a seminar on market entry strategies for each countries.

Southeast Asia, which is expected to grow as the world’s 4^th largest economic bloc by 2030 with the ASEAN Economic Community, is experiencing accelerated economic growth and integration, which will likely lead to a growth in medical services industry. With the great economic gap within the region, market entry strategies tailored to each country is essential.

The delegation team is consisted by representative countries for each stages of economic developing including leading countries (Singapore), main countries (Indonesia) and potential countries (Myanmar) to enable South Korean companies to get a big picture of the region’s healthcare and medical industry while being helpful in establishing detailed entry strategies.

During the Indonesia Jakarta Counseling Session held on the 13^th, employees of Celltrion carried out counselling on local approval and distribution of prescription drugs with the 2^nd largest local pharmaceutical company, Sanbe Pharma. Following the session, they expressed hope that they were able to confirm the great interest local buyers had for related products, adding that “business relations with large-scale buyers can help the firm significantly increase sales in the Southeast Asian market. Due to environmental issues including the recent emission of cancer-causing agents, the demand for Korean goods is increasing, instead of China and India.

Indonesia’s medical equipment import agent Multisera Indosa, which consulted with Lameditech Co. Ltd, famous for its needle-less laser blood collecting unit said, “we signed a purchase contract of US$ 5 million, as we were wowed by the South Korean firms’ outstanding technology and credibility,” adding that they were “very satisfied to meet with a great firm through the delegation event.”

As for the medical services sector, GC Labs, Andong Yuri Medical Foundation, Cheongshim International Medical Center and others carried out partnership project consultation sessions with major local hospitals, and plastic surgeons and dentists also sought for cooperation opportunities with local companies, backed by great interest in the so-called ‘medical Korean wave.’   

Kim Doo-young, Chief of KOTRA Innovative Growth Department said he “hopes this opportunity to bring Korea and the new southern region closer through partnership in health and medical industry.”