Successful companies will be fully funded and supported through a structured programme of support consisting of a preparation phase in the UK, a 5 day tailored programme of activities in South Korea with the opportunity to visit South Korean medical centres, medical clusters, meet with digital heath companies and attend Korea International Medical & Hospital Equipment Show (KIMES) with the aim of creating opportunities for technology collaboration. Delegates will benefit from follow up advisory support to help develop relationships with South Korean partners.
WHY SOUTH KOREA?
South Korea is the 11th largest global economy and one of the most technologically advanced countries in the world. Its digital health market is rapidly growing: valued at GBP 2.4bn in 2015, it is expected to almost double by 2020 with a forecast market value of GBP 4.4bn *.
The South Korean healthcare system supports a population of 51.5 million people through a publicly funded, national healthcare insurance system. With a rapidly ageing population, an increase in chronic illness and rising medical expenses, the South Korean government, through its new innovation policy agenda, is seeking to harness its advanced ICT infrastructure by exploiting the benefits of digital health technologies.
With access to the population's data sets the big 5 Seoul based medical centres are using big data and AI to develop new platforms, devices and solutions and are keen to adopt cutting edge technologies to achieve competitive advantage.
With current R&D innovation strategy focusing greater investment into SMEs and international collaboration and UK-SK bilateral funding opportunities, this is a market which offers significant opportunity for UK SMEs developing digital health technologies.
*Ministry of Food and Drug Safety (MFDS), 'Smart Healthcare Medical Devices: Technology and Standards Report 2018'
FOCUS AREAS: Cancer, heart disease, cerebrovascular diseases, ageing population.
Diagnostics: image recognition, symptoms checkers, risk stratification
Knowledge generation: drug discovery, pattern recognition, increased understanding of causality
System efficiency: optimisation of care pathways, prediction of ‘Do Not Attends’, identification of staffing requirements
P4 medicine: prediction of deterioration, personalised treatments, preventative advice
BENEFITS OF PARTICIPATING
Business representatives will work with a designated account manager and advisor to support a structured programme encompassing three main phases -
• Getting ready for the market: Pre-visit and in-country briefings providing market information, advice on how to do business in South Korea, training on how to improve your pitch and articulate your value proposition and how to protect your IP.
• Visiting the market: Exclusive access to the South Korean digital health market and the opportunity to meet key companies and research organisations. Targeted, pre-arranged meetings at organised matchmaking events. Business profile in the visit brochure, translated and distributed in South Korea.
• Exploiting the opportunity: A post visit workshop and tailored support with a specialist innovation/internationalisation advisor to develop a market exploitation strategy.
KEY PROGRAMME DATES
Saturday 14 March – Saturday 21 March 2020 (inclusive)
Closing date for full application: Friday 6 December 23:59hrs.
Briefing event: Tuesday 4 February 2020
Post visit event: Monday 27 April 2020
Innovate UK and the Enterprise Europe Network (EEN) will organise and fund flights, accommodation, and in-country logistics for selected participants. On acceptance to the programme a commitment fee of £500 will be required from each successful company which will be refunded upon completion of the programme. Non-attendance of any part of the programme after formal acceptance may result in forfeiture of some or all of the fee.
To participate in this programme your business must be an SME and established in the UK.