In recent years, the Korean government has actively supported the medical device industry, aiming to make Korea the fifth-largest global exporter of medical devices within the next decade. The success of Korea’s COVID-19 response, marked by effective public-private sector collaboration, has set a strong foundation for this goal. However, transitioning from crisis management to a leading exporter involves challenges that demand innovation and strategic planning.
Point-of-care testing (POCT) and in-vitro diagnostics have seen significant growth, driven by the need for rapid pathogen detection highlighted by the COVID-19 pandemic. Technological advancements are expected to improve the precision, speed, and affordability of these diagnostic tools, making POCT crucial for areas with limited medical services.
In aging societies, there's a shift toward prevention and self-diagnosis to alleviate pressure on healthcare systems. Companies like Osang Healthcare are at the forefront of developing affordable, user-friendly diagnostic tools, helping democratize healthcare and reduce the burden on hospitals.
Founded in 1996 and integrated with the Osang Group in 2016, Osang Healthcare has expanded from blood glucose monitoring to biochemical, molecular, and immunodiagnostics. The company’s international strategy relies heavily on exports, with over 97% of its revenue coming from more than 100 countries. To strengthen its U.S. presence, Osang is localizing production to navigate protectionist policies and ensure supply chain reliability.
Osang Healthcare’s recent IPO has provided capital for growth, focusing on expanding research, entering new markets, and diversifying products. Key areas include continuous glucose monitoring (CGM) and point-of-care molecular diagnostics (POC-MDx), with diabetes prevalence driving CGM demand.
The company’s success during the pandemic, including FDA emergency use authorization for critical products, has bolstered its market position. Looking ahead, Osang aims to solidify its U.S. presence and expand globally with a focus on product quality, usability, and affordability, forming partnerships to support long-term growth. By 2030, it aspires to be a leading global diagnostics player with a diverse product portfolio.
