Korea Emerging as a Global Healthcare Leader

Despite low growth in numerous industries worldwide, the global medical industry is growing at 5% a year. Korea is just one country taking advantage of this growth through strategic planning. The Ministry of Health and Welfare (MOHW) enacted the Act on Support for Overseas Expansion of Healthcare System and Attraction of International Patients in June 2016 and has recently established a joint comprehensive 5-year plan with other government ministries. The plan, like the June 2016 Act, will aim to attract medical tourists and promote Korean medicine and medtech products overseas.