South Korea's Medical Equipment Industry

South Korea's medical equipment industry took shape in the early 1970s when X-ray systems were first localised. Before then, consumable products, such as disposable syringes and bandages, were the major locally produced items. In the 1980s, the South Korean government launched a successful policy to localise highly advanced diagnostic equipment, such as ultrasound, MRI, and CT. Entering the 1990s, the Government regarded the medical equipment industry as the strategic area to challenge and has constantly induced local manufacturers to develop new, up-to-date items in the sector. At the moment, high-end items, such as digital X-ray systems, MRI, CT, and three-dimensional ultrasound diagnostic systems are being locally produced. Encouraged by big acceptance from abroad for their technology products, domestic makers are spurring the promotion of their goods to more than 50 countries, including the United States and the European nations.

The rapid development of South Korea's medical equipment industry in a short span of time stems from the following facts: (1) Abundant technical experts were secured by promoting in colleges and graduate schools the relevant subjects, such as electronics and medical engineering. (2) The electronic field in South Korea, including semiconductors, industrial electronics, and electronic parts, is as fully developed as that in advanced countries. (3) The nation's economic development resulted in an increase in the number of hospitals and swelling demand for medical equipment, creating a large local market. (4) Domestic makers have successfully made inroads into overseas markets, thanks to their reliability, thus providing unrivalled business opportunities. Based on this market environment, domestic medical equipment manufacturers now emphasise continued market exploration overseas as well as at home. (the end)Men's Tops