news & activities
LG Electronics entered the Indonesian medical device market
The Guru = Reporter Yerin Jeong] LG Electronics is going to target the Indonesian medical imaging device market in earnest. Strengthen alliances with local partners, expand items, and solidify their position in the market.
According to Indonesian trading company 'Modern International (MDRN)' on the 30th, the company announced in its third quarter earnings presentation on the 28th (local time) that it would expand its medical and health business based on its partnership with LG Electronics next year. . It plans to supply medical equipment such as surgical and diagnostic equipment and monitors necessary for hospitals.
Modern International is distributing LG Electronics' 27-inch clinical monitor (model name: 27HJ712C) from this month. This product has an Ultra HD (3840x2160) resolution of 8 million pixels. It is suitable for viewing images such as color magnetic resonance imaging and color tomography. The anti-reflective (IPS) panel technology shows colors accurately.
LG Electronics plans to launch more diverse medical device products in the Indonesian market in partnership with Modern International. In addition to clinical use, it is expected to diversify its sales items to include medical monitors for diagnosis and surgery and 'Digital X-ray Detector (DXD)' equipped with artificial intelligence (AI) diagnostic assist functions.
Indonesia is considered an emerging market for medical devices. This is because the market for pharmaceuticals and high-end medical devices is growing as the population grows day by day, and awareness of public health and accessibility improve. The government is also actively supporting health insurance policies and expanding medical infrastructure.
Indonesia's medical equipment imports increased at an average annual rate of 16% from 2015 to 2019. Diagnostic imaging devices, imaging devices, respiratory devices for treatment, and measuring devices are the main ones. However, in order for foreign companies to sell medical devices in Indonesia, they must export using local trading companies or establish a distribution corporation in which Koreans own more than 51% of the shares, so cooperation with partners is important.
Meanwhile, LG Electronics took its first steps in the medical imaging device market in 2016. At the shareholders' meeting in March last year, it added 'manufacturing and selling medical devices' to its business purpose, and is aggressively expanding its business.
Source: https://www.theguru.co.kr/mobile/article.html?no=47564
