South Korea Moves to Deregulate Device Industry

The South Korean government announced deregulatory measures to accelerate device market access to boost the country’s medical device industry.

The move is part of an effort to ease market entry for lower risk devices and boost the country’s innovative device industry, particularly for artificial intelligence, 3D printing and robotics technologies, according to a new report by FitchSolutions, formerly BMI Research.

The government established a $28 million venture fund to finance commercialization of innovative technologies and it plans to support new R&D units in research hospitals to encourage collaboration between the device industry and the hospital sector to create new technologies.