Medical Hallyu
Korea's medical institutions are expanding their business in 20 countries and spreading “medical Hallyu (Korean wave).”
According to “a report on medical Korea’s advancement into overseas countries in 2016” released by the Ministry of Health and Welfare and the Korea Health Industry Development Institute (KHIDI), as of the end of last year, Korean medical institutions entered 20 countries, including China, the United States, Vietnam, Kazakhstan and the United Arab Emirates (UAE), up three countries from a year earlier. The cumulative number of Korea’s medical service sites reached 155 at the end of last year, up 10% from 141 in 2015.
Last year, the figure rose to 20 countries, as Korean medical institutions made a foray into Peru, Bangladesh and Qatar. Until last year, 59 cases were made in China, followed by 40 cases in the United States, nine cases in Vietnam, and seven cases in Kazakhstan and the United Arab Emirates (UAE), respectively. By advancement type, there were 49 cases of establishing and operating medical institutions in overseas countries, 78 cases of transfers of medical technology including information systems, eight cases of entrusted operations and ten cases of operation consulting.
In terms of the establishment and operation of medical institutions, Korean medical institutions were the most active in China with 16 cases, up by 3 cases from the previous year. In medical technology transfers, they recorded the largest number of cases, 27 in the US, up three cases from the previous year. Moreover, there are many cases where they opened and operated medical institutions via direct capital investment after accumulating experience in advancements by means of medical technology transfers in the form of franchising with relatively low risk of failure.
There were 57 cases which were the most in the field of skin and cosmetic surgery, 33 cases in dentistry and 22 cases in traditional Korean medicine. 66 projects were in the making for overseas expansion. Among them, the number of projects targeting China reached 31, accounting for 47%, and the number of projects for emerging countries such as Southeast Asia, Russia and Kazakhstan also rose 41 percent to 27. So target countries are expected to vary. There were 37 cases of the opening and operation of medical institutions, 12 cases of commissioned operation, 15 cases of general treatment, 9 cases of dentistry, and 8 cases of skin and cosmetic surgery.