Gyeonggi Province Joins Hands with Luxembourg to Support Healthtech Companies' European Expansion

Gyeonggi Province has taken steps to support healthtech companies in the province in entering the European market, using Luxembourg as a bridgehead.

On the 25th, Gyeonggi Province jointly hosted a 'Healthtech Business Seminar for European Market Entry (Gateway to Europe: Luxembourg Healthtech Business Seminar)' with the Luxembourg Embassy to Korea and the Gyeonggi Province Economic Science and Technology Promotion Agency at the Gyeonggi Bio Center.

The seminar was held to support bio and digital healthtech companies in the province in entering the European market by introducing the local market, industrial ecosystem, and market entry support environment, and to create opportunities for exchange with relevant Luxembourg institutions. Approximately 30 participants attended the event, including officials from Luxembourg and representatives from medical device and digital health companies in the province.

At the seminar, Gu Sun-mi, Commercial Counselor at the Luxembourg Embassy to Korea, first introduced Luxembourg's support environment for European market entry. Regis Cire, Head of the Healthtech Division at Luxinnovation, Luxembourg's innovation support agency, then introduced Luxembourg's healthtech and digital bio ecosystem, and Dr. Kim Hee-eun from the Luxembourg Institute of Health (LIH) explained the local health research environment and the institution's role.

Subsequently, Nam Byung-ho, CEO of Herings Co., Ltd., which has experience expanding into Luxembourg, shared his company's case of local market entry, providing information that companies in the province can reference in the actual process of entering the European market.

Following the seminar, exchanges and one-on-one business meetings took place between companies in the province and relevant Luxembourg institutions. Six companies from the province participated in the meetings: △Noeul (AI-based in vitro diagnostics), △iConnectome (precision medicine and genomics), △Byner (digital health and wearables), △BioNexus (AI bio data platform), △6Letters (digital health and hormone monitoring), and △Juliabiox (biohealth and medical AI). They introduced their technology and business models to Luxinnovation and Luxembourg Embassy to Korea officials and discussed possibilities for European market expansion and local cooperation strategies.

Um Gi-man, Head of the Bio-Industry Division, stated: "For medical device companies' expansion into the European market, obtaining local regulatory and certification information as well as securing cooperation partners is important, and Luxembourg is well-suited as a hub for European expansion with its healthtech industrial ecosystem and corporate support system. We will actively support the expansion of medical device small and medium enterprises in the province into the European market and the expansion of local cooperation, taking advantage of cooperation with Luxembourg."