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Smiths Medical sees growth potential in Korea
  • By Park Gi-taek
  • Published 2020.08.18 15:41
  • Updated 2020.08.18 15:41
  • comments 0

Smiths Medical, a U.S. supplier of therapeutic devices for respiratory care in Korea, will widen contacts with Korean medical institutions and expand sales workforce, the head of the Korean offshoot said.

Mickey Gwak, Regional Business Manager of Smiths Medical Korea, met with reporters on Friday to share his business plan. He said the company would improve the retail structure from September, diversify the business portfolio, and increase the number of salespersons up to 30 from about 10.

Mickey Gwak, Smiths Medical Korea’s regional business manager, speaks during a meeting with reporters.

“We have operated our business through indirect sales to major distributors. But from next month, we will change the distribution structure to a ‘hybrid’ one, combining direct sales and indirect sales through existing distribution agencies,” Gwak said. The company would entrust logistics and sales management to Gems Korea to improve operational efficiency and business stability.

Gwak said he was seeking such changes to expand the market share in Korea and enter a new market.

Smiths Medical’s Asian offshoots used indirect sales through agencies, except for Japan, China, Australia, and India. However, the company's global headquarters saw the growth potential in Korea and decided to introduce direct sales, he explained.

Gwak also showed intense anticipation for new products such as the “CADD Solis Ambulatory Pump” (CADD), a drug injection system.

CADD helped the company secure the largest related market share in the U.S. and Europe. Still, it did not even arrive in the Korean market because drug pricing was complicated, he said.

“Korean doctors who have been to overseas conferences saw the product and frequently asked if they could purchase it. This product is innovative because it allows a customized therapy injection,” Gwak said. To meet such needs, he said it would seek to introduce the product in Korea.

He also vowed to raise annual sales to 100 billion won ($84.3 million) through improvement in sales and introduction of new products.

“Smiths Medical estimates that the size of medical devices market it can access is about 100 billion won,” Gwak said.

Currently, Smiths Medical Korea’s annual revenue is less than 10 billion won, he noted.

“A Smiths Medical product takes up about 70 percent of the global market share but only 10 percent of the Korean market share. If we improve distribution and pioneer a new market, Smiths Medical has enough potential to grow in Korea,” he said.

pkt77@docdocdoc.co.kr

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