Medical Equipment Distributors in South Korea

Medical Equipment Distributors in South Korea

One of the Asian Medical sales assistance services includes connecting clients with the best medical equipment distributors in South Korea through a local distributor search. Using a tailored strategy appropriate to each manufacturer’s product line, our knowledgeable staff assists manufacturers in effectively entering the challenging markets of Southeast Asia.

Medical Device Distributors Search

The South Korean supply chain is short and effective, but turnover is considerable since distributors frequently enter and exit the market. A (virtual) master distributor service from Asian Medical offers stability to foreign producers. Additionally, our knowledgeable local partners in South Korea can aid in finding, vetting, and signing the best distributors for medical or IVD equipment.

This comprises:

Supply Chain Evaluation: To find distributors that can deliver goods to certain market groups as effectively and efficiently as possible, we examine the supply chain and all available sales channel possibilities.

Distributor Screening: To check prospective distributor candidates for the requirements set forth by the customer, we employ a comprehensive internal database of specialty medical equipment distributors in South Korea. A network of industry contacts, research, and local market knowledge are added to this methodical approach.

The South Korean medical device regulatory system, which is highly developed and provides its residents with high-quality medical equipment and sufficient safety control, is located at the point of the Korean peninsula. South Korea’s high-tech, service-based economy, regarded as a success story on numerous counts, has produced one of the highest per capita income populations and the 11th largest economy in the world. 

As a tech center, South Korea’s medical device business has grown significantly locally, but it still buys high-end medical devices from foreign manufacturers more than half the time. The entire value of imported medical devices was anticipated to be US$3.7 billion in 2019, with US companies accounting for roughly 47% of this market. Knee joint prostheses, CT systems, MRI gadgets, intravascular catheters, dialyzers for hemodialysis, and soft contact lenses are a few high-potential fields.

Although the National Health Insurance (NHI) system is mandatory and covers all 51 million citizens of South Korea, it is crucial to negotiate costs with the Korean government once your product has been given the go-ahead to be sold there. Even though it is required, 97.5% of Koreans still pay a fee to have the freedom to visit any doctor or hospital. To enhance pricing restrictions and better post-market vigilance oversight, Korea’s Ministry of Food and Drug Safety (MFDS) has unveiled its Unique Device Identifier (UDI) system as a component of the Integrated Medical Device Information System (IMDIS).

Grow with us

Asian Medical is prepared to guide clients through South Korea’s convoluted regulatory processes for medical device registration and distribution of IVDs.

For a free assessment of the South Korean market’s potential for your medical device or IVD, contact Asian Medical.