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Health to Korea

Eligible businesses can apply for free support to healthcare, digital health, medical and pharmaceutical products or services to Korea. Applications have closed.

Program dates

March 2022 to July 2022

Key event

Bio Korea, 11-13 May 2022

Why this market

The Republic of Korea (South Korea) is Australia’s third largest export market and is Australia’s fourth largest two-way trading partner. The Korea Australia Free Trade Agreement (KAFTA) has improved access for Australian health and biotechnology sector exporters. 

In addition to high-quality and near-universal healthcare, South Korea has the highest hospital bed to population ratio in the world. 

Health care spending is increasing, especially for diabetes, alzheimer's disease and hypertension. 

South Korea's medical device market – the 13th largest in the world – was valued at AU$8.8 billion in 2020 and still growing. Over 62% of medical devices are imported from the US, EU and Japan. 

The big 5 hospitals in South Korea treat around 5% of outpatients.

The leading causes of deaths are cancer, heart disease, pneumonia and Cerebrovascular disease. 

Curriculum

Introductory sessions

  • Welcome session
  • Intellectual Property Protection (optional)
  • Pitch training / pitch deck development / pitch fest (optional) 

Market intelligence briefings and cultural training   

  • Market briefing and subsector-specific opportunities  
  • Market specific business culture and etiquette
  • Introduction to health ecosystem and doing business in Korea
  • Regulatory requirements. 

Industry opportunities

  • Virtual participation at Bio Korea with in-market assistance and logistical support from Investment NSW
  • Potential partner introductions

Ongoing support 

  • Ongoing support provided by dedicated NSW Government Export Adviser

Note: The curriculum is subject to change.

Participation requirements and success factors

Eligibility for the overall Program

  • Have headquarters in NSW 
  • Be export-capable and export-ready 
  • Have between 3 and 199 full-time equivalent (FTE) employees 
  • Have a valid ABN (Australian Business Number) registered for NSW 
  • Have a commercial product or service 
  • Have a website featuring the product or service (marketing and promotional costs might be reimbursed through the NSW Export Assistance Grant) 
  • Be prepared to adapt the product or service for the market 
  • Have a product or service that is produced primarily in NSW 
  • Be willing to travel to Sydney for events and to the selected market (where and when COVID-19 restrictions permit travel), and must cover their own travel expenses 
  • Not be considered a trader (meaning the Program is for businesses that produce and add value in NSW) 

Additional eligibility requirements  for this stream

  • Market-ready product or service

The ideal participant

  • Product fit for Korea market
  • Previous participants of Bio Korea or Bio USA

Some businesses are not eligible for this program

  • 2020–21 Going Global Export Program “Korea” participants 

Apply

Applications closed on 6 February 2022.