The Israeli Opportunity of the Medical Device Industry in S.Korea

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Friday, July 7th, 2017
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The Chairman of the KMDIA, Mr. Hwang Hui(left) Sign MoU with Federation of Israeli Chambers of Commerce.

Mr. Itzik Yona, CEO of Yonaco Group, an Israeli-Korean consulting firm, gave a presentation to the board of directors of the Korean Medical Device Industry Association (KMDIA) last week. The Korea IT Times release the key point of the presentation about the 'The Israeli Opportunity of the Medical Device Industry in Korea'...Ed

The chairman of the KMDIA, Mr. Hwang Hui, visited Israel in last March and signed a MOU with the Federation of Israeli Chambers of Commerce, an important platform to initiate various business activities between South Korea and Israel.

KMDIA represents the entire medical device industry in Korea. Among its members are manufacturers and importers as well as government agencies. Mr. Yona explained about the entrepreneurial nature of the medical device industry in Israel and the breakthrough innovations that led to the construction of giant companies and to exits worth billions of US dollars.

Mr. Yona said at a lecture given to the KMDIA titled 'The Israeli Opportunity of the Korean Medical Device Industry', "I am a great believer in the potential of the Korea-Israel cooperation in the field of medical devices." and he added "Beyond all the specific deals that keep us busy, I have been building the confidence of the Korean medical device industry in the opportunity awaiting for it in Israel."

The per-capita expenditure on health in Israel is 40% higher than Korea. This presents an opportunity for Koreans to export medical devices to Israel.

Mr. Yona mentioned the following business opportunities in Israel:

<> Importing innovative Israeli medical devices to Korea in order to reduce Korea's gaps in the field. The more Korea learns about Israel's advantages in the field, the easier it will be to use medical devices from Israel.

<> Korean export to Israel - Korea has a lot to offer in the field and already exports billions of dollars worth of medical devices around the world.

<> Co-development - Korean manufacturers sometimes lack a piece of technology to make their devices competitive at the global level. These kind of technologies are being developed in Israel.

<> Manufacturing in Korea - Israel is a world leader in inventions. Production is where Korea excels.

<> Technology Licensing - Israel has a pool of inventions and patents in the field that can be purchased and developed in Korea.

<> Next-generation Medical Devices - Medical Devices that may seem as science fiction is currently being developed in Israel. Koreans can gain this new technologies by becoming friends with Israelis.

<> Financing - Koreans have money available for investment. Israeli technology developers are always seeking good partners.

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