|▲ Shinsaegi Medi-Tech / CEO Baek Seung-gwan|
We use teeth for chewing food. But they also help stimulate brain activities and digestion according to experts. It is natural that we lose tooth one by one as we get old. Once lost, there is no new tooth budding up like a child. So we adults consider implant as an alternative.
Shinsaegi Medi-Tech opened its business in 2007 in Gimhae City. It has made 1,600 kinds of Korea Food and Drug Administration approved artificial dental implant devices and they are being exported to 10 countries including China, Vietnam, Taiwan and Australia. 18 stores are operating in China alone.
“The reason we have survived among many competitors is that we have better safety, convenience and efficiency. We make devices on the point of the doctors and the patients to make sure of the three of our competitiveness just mentioned. For the same reason, we run an in-house research team for better and new devices.” says CEO Baek Seung-gwan.
Shinsaegi Medi-Tech is listed in the Export Promising SMEs of the Gyeongnam Regional SMEs and Startups Office and obtained a license from the China Food and Drug Administration within 2 years which normally takes 3 to 5 years.
The 2020 Korea medical Devices Industry Association yearbook shows South Korea’s medical device market was estimated 7 trillion and 803.9 billion won as of 2019, a 14.5% growth and average 10.3% for the last 5 years. Artificial dental implant devices among them shared 1 trillion and 362.1 billion won, the highest figure for 3 years in a row.
“Implant is a great alternative but also had things to improve such as inflammation, screw loosening and fractures. So we developed the nation’s first screw-less device. We’ve already finished application for a patent.”
Gimhae City, where Shinsaegi Medi-Tech located, opened Gimhae Biomedical Center in 2008, Gimhae Biomedical Techno Town in 2012, a MoU with Harvard Medical School in 2016, Gimhae Industry Promotion & Biomedical Foundation in 2017, Gimahe Biomedical Companies Association in 2018 and Gimhae Medical Device Center in 2020. A total of 80 biomedical and medical devices companies are nestled in the city at the moment.
“I’m currently the head of the Gimhae Biomedical Companies Association. The association runs biomedical academy, consulting and networking services, information sharing, research cooperation and joint project finding to pace up with fast changing market and business environment.”
When asked a principle of his life, he said “There is saying ‘when you see a bar of gold within reach of your hand, think first whether taking it break up loyalty’. In other words, making implant devices is not about making profits at first hand but about making contribution.”
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