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『Increasing the competitiveness of domestic medical devices and pioneering overseas markets』 Gangwon Ilbo article

21 Dec 2023

Technology is the future of the company

The medical device market is highly dependent on companies from advanced countries with high technological capabilities. Wonju Insung Medical (CEO: Song Jun-ho) is a company that conducts aggressive research and development with the mission of ‘localizing medical devices.’ Founder Song In-geum (70), former CEO, started manufacturing in Gyeonggi-do in 2000 after supplying imported medical devices since 1984, and moved the headquarters to Wonju in 2015 considering accessibility to the metropolitan area and conditions for fostering the medical industry. Afterwards, annual sales reached 25 billion won. It has grown into a company. Former CEO Song In-geum served as president of the Korea Medical Device Industry Association, and was awarded the Order of Industrial Service Merit in 2017 in recognition of his contribution to the local production of medical devices.

Mainly producing pharmaceutical injection devices, etc.
Continuous development of products linked to large institutions
10% of sales reinvested in research
Signing of agreement with Indonesian state-owned pharmaceutical company, etc.
Plan to secure foreign patents and enter the global market

■Leader in the development of medical devices for drug injection = Insung Medical's main products include medical devices that inject and deliver drugs to patients, such as infusion sets, in-line filters, catheters for vascular insertion, and implantable drug injectors. Medical, which has grown into a leading company in the medical device consumables market, is continuously developing new technologies and new products in collaboration with large domestic medical institutions.

Insung Medical's product that has recently attracted the most attention is the 'intraventricular drug injection device' jointly developed with the National Cancer Center. According to the Gangwon Regional Business Evaluation Group, Insung Medical was the first in Korea to receive approval from the Ministry of Food and Drug Safety through the research and development project of ‘development of equipment capable of direct drug injection into the brain.’ Item approval was obtained. This is a device that can be implanted under the scalp of brain tumor patients to administer drugs, allowing for repeated and long-term anticancer treatment. We are also developing new obesity-related products in collaboration with Asan Medical Center in Seoul, and recently succeeded in producing a world-class micro catheter (a long, thin insertion tube) with a diameter of 0.33 mm for neonatal blood vessels using pure magnetism.

Kim In-joong, head of the Gangwon Regional Business Evaluation Group, evaluated the company as “a company that achieved remarkable results by moving its headquarters and factory to Wonju Enterprise City and creating 56 new jobs while carrying out government research and development tasks in 2015.”

■Investing 10% of sales in research and development, with an eye on exports = Insung Medical promoted its dedicated research department, established in 2012, to an affiliated research institute in 2014, two years later.

The Daegu Research Institute operates in the basic research field, while the Wonju Research Institute operates the research center separately in the improvement research field for products about to be released, and has a total of about 30 research and development personnel. The company is aggressively developing new products and technologies, reinvesting as much as 10% of its sales in research and development.

Another business that Insung Medical is actively pursuing is export. The goal of securing domestic and overseas patents for the 'intraventricular drug injection device', which is about to be launched on the market, is to supply it to the global neurosurgery market, including the US and China. It also signed a business agreement with Indonesia's state-owned pharmaceutical company Palma, India, laying the foundation for pioneering overseas markets. For the past 35 years, we have focused on 'local production of medical devices', and in the future, we plan to focus on 'exporting domestically produced medical devices overseas'.

CEO Song Jun-ho (41), who took office last year, said, “In the past, medical device technology was lagging and we have put our utmost efforts into our own technology to change the reality where the domestic market and policies are influenced by importers.” He added, “We have inherited the will of our predecessors and are generous in research and development.” “We will invest and grow into a global company,” he said.

Reporter Shin Harim
<Original article =>

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