The U.S.-Korea Business Council healthcare technology working group serves as a forum for council members interested in the medical technology sector—including pharmaceuticals, medical devices, and biologics—to discuss issues in the Korean market and Korean government policies relating to promoting innovation, growth and investment in this sector.  The working group directs the Council’s program of work on healthcare technology and life sciences-related issues, and it identifies policy goals and recommendations to propose to the U.S. and Korean governments.

The Council maintains a joint healthcare technology working group with the Korea-U.S. Business Council, which offers a forum for U.S. and Korean companies, industry organizations, and other stakeholders to discuss life sciences and medical technology sector-related issues in both countries and at the regional level.

Recent Activities

Joint Working Group Meeting, February 5, 2010 (Rancho Palos Verdes, CA)

Members of the councils continued discussions from the November 2009 meeting on potential areas for U.S.-Korea industry cooperation, including in the areas of biopharmaceuticals, medical tourism, and medical technology innovation. Clinical trials and R&D partnerships were also identified as an important area for cooperation.

Members agreed that innovation is an overarching theme that brings these areas together; and that the Korean government should implement policies and regulation that encourage more innovation at every level.

Members discussed as possible action steps holding an innovation conference in Korea; convening discussions on how the pharmaceutical and medical device pricing and reimbursement system works in the United States, and convening a conference on biotechnology issues.
 

Inaugural Joint Working Group Meeting, November 5, 2009 (Washington, DC)

Speakers included Kim Bup-Wan, President of the Korea Health Industry Development Institute; Dr. Park Kiyong, Director of the Korean Ministry of Knowledge Economy’s Biotech and Nanotech Division, and presenters from U.S. and Korean pharmaceutical, medical device, and biotechnology companies.

Members of the councils discussed with presenters potential areas for U.S.-Korea cooperation in the healthcare technology sector, including in the areas of clinical trials, R&D partnerships, medical tourism, and promotion and rationalization of policies that support innovation in healthcare technology.

Presenters noted that innovation in life sciences is unique and challenging for a number of reasons, including the immediate impact on the health and welfare of people; the long time horizon for developing new innovations; the cost of developing new products; and the significant amount of government regulations that industry must accept, both in terms of obtaining approval to market products and—once approved—to obtain reimbursement for these products.

Members agreed that Korea has potential to become a global leader in the healthcare technology sector, and that a goal of the healthcare technology working group will be to identify and propose ways that growth can be accelerated in this sector.