Gyeonggi Province Partners with Luxembourg to Support Healthtech Companies' European Expansion

Gyeonggi Province is stepping up efforts to support local healthtech companies' expansion into the European market using Luxembourg as a foothold.

On the 25th, Gyeonggi Province held the 'Gateway to Europe: Luxembourg Healthtech Business Seminar' jointly with the Luxembourg Embassy to Korea and the Gyeonggi Economy & Science Promotion Agency at the Gyeonggi Bio Center.

The seminar was held to support the European market entry of bio and digital healthtech companies in the province by introducing local markets, industrial ecosystems, and business support environments, and to create opportunities for exchange with relevant Luxembourg institutions. The event was attended by approximately 30 people, including Luxembourg representatives and officials from medical device and digital health companies in the province.

At the seminar, Gu Seon-mi, Commercial Minister of the Luxembourg Embassy to Korea, first introduced Luxembourg's support environment for European market entry. Subsequently, Regis Cire, head of the healthtech division at Luxinnovation, Luxembourg's innovation support agency, introduced Luxembourg's healthtech and digital bio ecosystem, and Dr. Kim Hee-eun of the Luxembourg National Health Institute (LIH) explained the local research environment and the institution's role.

Nam Byeong-ho, CEO of Herings Co., Ltd., which has experience entering the Luxembourg market, then shared the company's local market entry cases, providing information that local companies can reference in the actual process of entering the European market.

Following the seminar, exchange and one-on-one business meetings were held between local companies and Luxembourg-related institutions. The meetings were attended by six local companies—Noeul (AI-based in vitro diagnostics), I-Connectome (precision medicine and genomics), Byner (digital health and wearables), BioNexus (AI bio data platform), 6Letters (digital health and hormone monitoring), and Julia Bionics (biohealth and medical AI)—where they introduced their technologies and business models to Luxinnovation and Luxembourg Embassy officials and discussed possibilities for European market entry and local cooperation strategies.

Um Ki-man, director of the Bio Industry Division, said, "Local regulatory and certification information and securing cooperative partners are important for medical device companies' expansion into the European market, and Luxembourg is well-suited as a gateway to Europe with its healthtech industry ecosystem and corporate support system." He added, "Taking this cooperation with Luxembourg as an opportunity, we will actively support the expansion of local medical device SMEs into the European market and local cooperation."