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S. Korea aims to boost health care exports

June 5, 2023 - 15:13 By Lee Jaeeun

The Ministry of Health and Welfare said it seeks to promote the expansion of medical institutions overseas and facilitate the export of advanced medical systems through deregulation measures and advisory services.

Under the plan to promote health and medical exports, the Welfare Ministry on Monday said it sees the global medical market as a promising industry and aims to boost it as a key driver of future growth. The market is expected to grow 6.3 percent annually from $10.4 trillion in 2021 to $13.7 trillion in 2026, according to government data.

The ministry said the nation has excellent medical technologies in cancer and organ transplantation, a relatively low price for medical services, and advanced medical equipment based on its advanced information and communication technology.

The government plans to promote opening and operating medical institutions overseas, as well as the export of information and communications technology-based medical systems. In 2022, there were 37 cases of opening and operating branches of medical institutions and selling medical systems overseas. The government aims to increase the number to 70 by 2027.

The government will streamline the required documentation for medical institutions seeking to enter overseas markets. Furthermore, starting next year, the government plans to establish a counseling service that provides guidance on the laws and systems of countries where domestic medical institutions seek to expand their operations abroad.

To promote the export of technology-based medical systems, the government plans to establish and guide entry strategies for each country. In addition, export consultations will be held at diplomatic missions in several countries to promote and export the Korean medical system. A total of 14 diplomatic missions in 12 countries plan to hold such consultations this year, and the government will provide each mission with 40 million won ($30,562).

“Through global expansion, Korea will become the best country in the health care industry in the world,” the Ministry of Health and Welfare said.