There is a company that is moving forward to localize the catheter (medical consumable tube type) market, which imports more than 90 percent from overseas.
Vasflex dreams of improving its technology by localizing catheter manufacturing technology, a key component of mediating medical devices.
"Since most interventional procedures are performed through a narrow path, high-level medical device manufacturing technology is required," said CEO Kang. “The key is how sophisticated the tube is made.”
Vasflex provides catheter solutions optimized for each divisional procedure and various shapes of catheters that are optimized for each medical service.
A catheter is a tube-shaped consumable medical device for the purpose of diagnosing diseases or surgical procedures and is used in various fields of the human body such as cerebrovascular, cardiovascular, urinary, otorhinolaryngology, and endoscopy.
Vasflex's technologies include tubing extrusion technology and post-process technology.
“Tubing extrusion technology makes it possible to extrude into various types of tubes for simultaneous diagnosis and treatment,” said CEO Kang. “We secured the first multi-lumen tubing technology in Korea by accumulating extrusion technology and experience last year.”
Currently, the global catheter market is growing and is expected to be worth about KRW 30 trillion by 2025.
CEO Kang, who founded the company in October 2019, has prepared five years to start this business. After 20 years of experience in industrial tube manufacturers and vision of the catheter market, he has been preparing for a long time.
In particular, he developed technology and commercialization by conducting joint research with the Korea Institute of Industrial Technology Biomedical Production Technology Center in Yeongcheon, Gyeongbuk.
"The domestic import market has also shown an average annual growth rate of more than 13% over the past five years since 2015, but there are not many companies in Korea with technology yet," said CEO Kang. "It will not be easy, but we will be able to grow as soon as we secure our own technology."
After a long effort, he is currently collecting continuous ideas by having customers such as Handok, Asan Medical Center in Seoul, Kyungpook National University Hospital, Keimyung University Dongsan Medical Center, and Busan University Hospital.
Vasflex received an investment of 500 million won in December of last year, and previously signed an NDA with FRP in the UK for joint development of medical parts.
"I am looking forward to winning a project in Europe this year. If we succeed, it will be a stepping stone for overseas expansion," he said.
