Business Korea reported that the government has a goal for its med tech industry to export more than $12.5 billion worth of goods, hire 130,000 people and have a 3.8% global market share by 2020.
The French Big Pharma is paying SK Chemicals $23 million up front, after which both companies will invest in the project.
In the midst of rethinking its approach to R&D, AstraZeneca has dabbled in the virtual model of drug development, matching a small in-house staff with collaborators on contractors around the globe to make the process more efficient. Now, after some early success in neuroscience, the pharma giant is amping up its virtual efforts in oncology, signing a deal with a South Korean institution to hunt for new targets in the field.
Early-phase CRO Celerion is expanding its reach into South Korea, partnering up with a local hospital to run trials in the country's fast-growing market for clinical research.
The Galaxy S5 is soon to be the first smartphone on the market with a built-in heart rate monitor. The monitor is designed for fitness use, but according to South Korea's health agency, it may subject the highly anticipated new phone to med tech-level regulation before its maker, Samsung, can sell the phone in its own home country.
South Korea's government is revving up regional exports of medical equipment, boosting the competitive pressures for device companies in Asia.
Covidien has made its first R&D foray into South Korea, opening a center to develop new technology, train local physicians and expand its share of a growing market.
GE Healthcare has signed up to buy mammography technology from South Korean X-ray outfit Vatech, expanding the company's imaging might and giving it a broader base in the growing local market.
While Thermo Fisher is busy raising cash to seal its $13.6 billion fate, Life Technologies is expanding its heft in South Korea, buying up another distributor in the growing market.
Problems at a Janssen over-the-counter plant in Korea have gone from unfortunate to very serious now that authorities there intend to pursue criminal charges. This tack means Kim Oak-yeon, CEO of the Johnson & Johnson ($JNJ) subsidiary in South Korea, faces up to three years in jail if convicted.