MDREX Newsletter

2024.7.12.

MDREX Welcomes Mr. Wonwoo LEE as Vice President (COO) to Support Innovative Medical Device Exports

Although the South Korean medical device market ranks 9th or 10th globally, it averages an outstanding growth rate of 8.3% over the past five years. This growth rate is significantly higher compared to other industries, such as the automotive (6.78%) and the food (4.0%) industries. Notable high-export products include dental implants (average annual export growth of 24.4% in four years), dermal fillers (26.8%), contact lenses (16.5%), and ultrasound imaging devices (5%). Recently, there has been a noticeable increase in digital medical devices and aesthetic medical devices equipped with AI and robotic technology.

Such high growth rate can be attributed to various factors; however, one of the key factor can be that many South Korean IT experts have entered various digital medical device fields, such as AI SaMD (Software as a Medical Device) and surgical/ambulatory assistive robots, following the increased demand for medical services resulting from an aging population and the expanding medical big data market driven by the 4th Industrial Revolution.

MDREX has recruited Vice President (COO) Wonwoo Lee, an expert in the field, to provide advisory services on regulatory approvals and insurance registrations in various countries so that innovative medical devices in Korea can enter developed markets, such as the US, etc., at high prices.

Wonwoo Lee graduated from Boston College in the US then serviced in the Korean Army as an Interpretation Officer. He then completed a law degree at the University of Law (Moorgate) in the United Kingdom. At Bristows LLP (UK based law firm) and Kim & Chang (Korea based law firm), he provided regulatory advice in various sectors including the healthcare and medical device industries. Additionally, after completing an MBA at Peking University in China, he offered comprehensive advisory services on investment and market strategy to various companies at JC Partners, a Korea based private equity firm.

As of July 3, 2024, MDREX has appointed Wonwoo Lee as Vice President (COO, Chief Operating Officer), offering differentiated inbound/outbound regulatory consulting to MDREX clients for overseas expansion.

For consultations regarding medical device regulatory approvals and insurance registrations, please contact MDREX (pro@mdrex.co.kr). MDREX provides support at reasonable prices to help your products enter the Korean or overseas markets.

Thank you