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A second beginning in the Middle East: Opening ceremony held for Middle East subsidiary
Oct 15, 2014
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The opening ceremony for Seegene’s Middle Eastern subsidiary was held on October 15, 2014. This is Seegene’s second venture overseas after debuting its first overseas subsidiary in Italy in January. For its launch into the Middle East, Seegene chose a “hot location” that has given rise to many successful medical endeavors.?
The focus of the Korean medical market’s attention on the Middle East has been enabled through agreements with the Health Authority Abu Dhabi (HAAD). A first step for expanding into the Middle East was taken with a HAAD MOU concerning patient delivery. Recently, HAAD and Korea’s Ministry of Health and Welfare discussed methods of bilateral cooperation for health welfare, leading to an MOU which acknowledges the Korean medical license as equivalent to its Middle Eastern counterpart. This is another important step in Korea’s expansion into the Middle East for the health/medical treatment and the medical device industries.?
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Despite the fact that the UAE is a developing nation in terms of healthcare, it has produced noteworthy accomplishments in recent years due to its government’s progressive policies in this area. With cutting-edge medical equipment imported from developed countries, along with an influx of medical staff from those countries, the UAE is aiming to create a booming medical tourism industry. The UAE government is also channeling an enormous amount of oil money into medical services of developed countries to serve the health of its citizens. This therefore represents a high value-added market for Seegene and its aim to be a top-ranking global company in the molecular diagnosis market.
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Korea is busily expanding its exchange with the Middle East through MOUs related to large hospitals. The president of the UAE and the Sheikh Khalifa Specialist Hospital (SKSH) have signed a contract with Seoul National University Hospital commissioning it to operate SKSH for five years. Located in Ras Al Khaimah, the SKSH is a non-profit public hospital with 248 beds established by the UAE president to contribute to local society and national integration. With a total land area of 200,000m2, a floor area of 72,248m2, and five above ground floors, and one basement floor, the hospital building is already complete. It is currently being furbished with cutting-edge medical equipment and the best available medical facilities. In addition, the Yas Comprehensive Medical Community project is currently underway with approximately KRW 1.3 trillion in investment capital. It is designed to be a medical complex that oversees hospitals and health programs on Abu Dhabi’s Yas Island. It is expected to open with a 300-bed hospital and a diagnosis center, as well as a cancer treatment facility, by 2015. Each area of medical specialty will be maintained through partnership contracts with countries and medical institutions that are all globally competitive. As such, the debut of Seegene in the Middle Eastern market as a maker of cutting-edge medical products will give the company significant publicity. The impact it should mean that Seegene need not travel from country to country for business, as business will be drawn toward it.?
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At the Korean end, a partnership with the Korea Health Industry Development Institute (KHIDI) will result in Seegene entering the diagnosis center market and being involved in development and mutual cooperation in this area. Also, a basis for the entry of Korean-made medical devices into the Middle Eastern market will be prepared. A spokesperson for KHIDI stated that “the signing of the MOU reflects a high evaluation of Korean medical technology in the Middle East based on positive experiences by UAE patients who have visited Korea for treatment. It will be an important turning point that will direct Korean medical organizations and medical product industry to the Middle East in the near future.”
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Through such medical contracts between Korea and the Middle East, Seegene will be able to strengthen its independence in the Middle Eastern market and enhance its globalization. It is anticipated that Seegene will expand successfully through the Middle East medical care boom and contribute significantly to the Korean medical device industry.