South Korea targets medical device industry as its latest growth engine

South Korea wants to trigger rapid growth in its medical device industry over the next 6 years. Business Korea reported that the government has a goal for its med tech industry to export more than $12.5 billion worth of goods, hire 130,000 people and have a 3.8% global market share by 2020. Those gains would make South Korea one of the top 7 countries in the medical device arena. Currently, the industry employs 37,000 people in South Korea, exports $2.31 billion worth of goods and holds a 1.2% global market share, according to the story. How to get there? The government is considering a number of ideas including strategic investment in R&D, streamlining of regulations to allow for better protection of intellectual property rights and ways to support locally made products, the story explained. Story

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