‘The domestic market is small’ – global expansion is essential for healthcare startups and so is doctor participation

VentureBlick CEO Lee Hee-yeol (Chris Lee) and BioDesigners CEO Lee Dong-ho “Feedback and insight are the driving force of growth”

Although Korea has long been within the ranks of developed countries, its healthcare market is still considered to be only 1.5% of the world's. Despite the high level of medical staff and the value of advanced technologies such as semiconductors and IT, why are there still limitations and challenges within the startup ecosystem?

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VentureBlick CEO Lee Hee-yeol and co-representative Lee Dong-ho of BioDesigners, who are experts with over 30 years of experience in the medical industry, met with the Medical News and revealed that the answer must ultimately be found in global expansion.

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First, VentureBlick CEO Lee Hee-yeol said, “Basically, there are not many new drugs or meaningful medical devices coming out of the Korea for the international market. “It is unfortunate compared to the capabilities our country has,” he said, adding, “It seems like many are trying to do things alone in areas where working together is actually necessary.”

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He said, “In order to bring innovation in the medtech field to life, we must identify the actual needs of the market early on and immediately secure available resources and professional partnerships to quickly enter and spread the market.” He added, “In particular, we aim to enter the global market from the early stages of business.” “We need to actively attract foreign investment to create greater opportunities,” he said.

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VentureBlick is leading a paradigm shift in the global venture ecosystem in the medtech field by providing customised one-stop solutions from the development stage to verification and launch based on the 'Super Incubator', a global venture support model specialising in medtech. This is a differentiator that existing investment and incubation model cannot provide.

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Lee Dong-ho, CEO of BioDesigners, said, “It seems in Korea we are captivated by our achievements in the IT and shipbuilding fields, but it is difficult for bio healthcare to succeed in the same way.” He added, “What is important is data, and efforts to raise awareness must also be made. “Ultimately, we have to compete in a bigger arena,” he answered.

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He said, “Globalisation is a breakthrough in the world of venture investment and the key to innovation,” and added, “It is encouraging that established global companies are interested in the startup ecosystem.”

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He cited EOFlow, a wearable insulin pump company recently acquired by Medtronic, as an example and kept stressing how important it is to go global, which means you can sell to a bigger market and reach more people.

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Meanwhile, they all unanimously called for the participation of doctors as a way to solve the critical task of entering the global market.

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CEO Lee Hee-yeol said, “There is a lack of results in the Korean medical field, where great talents are pouring in and out. “It cannot simply be dismissed as a language problem,” he said, adding, “I feel even more clearly as I run the company that the feedback and insights provided by current specialists are a tremendous asset and driving force for growth for startups.”

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“A doctor’s discomfort turns into an idea, which leads to entrepreneurship.”

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In fact, the VentureBlick Global Healthcare Network (VB Advisory Network) consists of advisors over 1,500 people from over 50 countries around the world, and doctors and industry experts in more than 30 specialties, who evaluate the technical and commercial feasibility, as well as medical and clinical value, of healthcare startups.

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Furthermore, CEO Lee Dong-ho said, “The number of talented doctors is increasing, but only a few are interested in investing,” and argued, “Doctors must take the lead in innovating the healthcare ecosystem with the mindset of taking on a challenge themselves, even if it is only a small amount.”

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At the end of the interview, CEO Lee Hee-yeol said, “VentureBlick began with the goal of being a game changer that supports fast market entry and success for startups and are seeing results. However, it’s disheartening that there’s limited interest and participation from Korean startups, despite considerable interest elsewhere. Let’s make this happen,” he earnestly urged.

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CEO Lee Dong-ho also added, “When the challenges faced by doctors in the healthcare sector are turned into innovative ideas, it can pave the way for starting a business. By connecting with the right partners, we can minimise the trial-and-error process for healthcare professionals who are already strapped for time.”

This is an English translation of the original article published by Medical Newspaper here on 19 September 2023.