(From left) Director General Beommucheo Jeonjugi Medical Device Research and Development Project Group (KMDF) Kim Beop-min and Director General Seoul Biohub Project Group (SBH) Kim Hyun-woo commemorate the business agreement. /KMDF

The Korea Medical Device Development Fund (KMDF) announced on the 23rd that it has signed a memorandum of understanding (MOU) with the Korea Institute of Science and Technology (KIST) Seoul Biohub Project Team (SBH) to create an innovative ecosystem in the medical device industry and operate a research and industry innovation network council.

Through this agreement, the two organizations plan to identify promising startups together, share and connect their respective programs, and establish an innovative ecosystem across the medical device industry while building an organic cooperation system.

Director General Kim Beop-min said, "For the medical device industry to achieve innovation across the entire lifecycle, close cooperation between startups with technological capabilities and related organizations is essential," and added, "We will operate the 'Research and Industry Innovation Network Council' with the Seoul Biohub and establish a comprehensive cooperation system to enhance the competitiveness of the medical device industry."

Director General Kim Hyun-woo noted, "The Seoul Biohub in Seoul has focused on building a platform to support the growth of bio and medical corporations," and said, "We will discover startups with global competitiveness through strategic cooperation with KMDF and support them to leap to unicorn status."