We Help Medical Device Manufacturers Connect With High-Quality South Korean Distributors
The medical device market in South Korea is the third largest in the Asia Pacific region. South Korea has a rapidly aging population and an increasing demand for sophisticated medical technology. Although it makes many high tech medical technology, it also imports over half of its medical devices. When considering medical device distribution in South Korea, it may be tempting to find distributors on the internet or at annual trade shows such as KIMES. However, relationships are very important in South Korea so careful evaluation of potential distribution partners and their relationships with buyers is critical to success. Choosing the wrong distributor can lead to missed sales opportunities and a damaged brand name. Working with experienced distribution consultants ensures that distributors are evaluated objectively, with your specific business needs in mind.
Market entry strategy for South Korea
Most people know Seoul is the business hub of South Korea, but they often surprised to learn realize that the country has 52 million people! Luctor can assist you in planning on how to determine which regions to enter, and how many distributors might be necessary. Depending on the servicing and warehousing needs, we can make recommendations for an optimal service and logistics structure. Finally, if you have not already done so, we can conduct an analysis of competing local products.
Korean Medical Distributor Qualification
We thoroughly pre-qualify potential South Korean medical distribution partners based on your needs. This includes an intensive phone screening including evaluation of their experience, service level, etc. followed by one-on-one interviews to determine a “short list” of qualified candidates. If desired, we can also conduct on-site evaluations of “short list” distributors to ensure everything is as presented. You will, of course, make the final selection based on your comfort level and analysis.
Services tailored to your specific needs
Whether your Korean distribution strategy focuses on commercialization in a specific city or setting up a national network, we have the expertise to identify and screen the best quality medical distributors. Our multi-step process for evaluating potential Korean distribution partners is customized to your business needs. We can do as much or as little as you need. This may include analyzing your device’s market potential and the local competitive landscape, defining your ideal service and logistics profile, conducting face-to-face interviews with distributors in South Korea, narrowing your “short list” based on our analysis and assistance with contract negotiations. We can even assist with taxation, legal and real estate issues through our network in South Korea.