Chungbuk Center for Creative Economy and Innovation(Chungbuk CCEI) is backed by the government startup accelerator. The Center focuses on early-stage startups in the biotech industry.
Since being selected as the operator of the Tech Incubator Program for Startup (TIPS) program organized by the Ministry of SMEs and Startups in November 2016, the Chungbuk Innovation Center, with the support of LG, has invested in startups in ICT, energy and manufacturing sectors as well as biotech, a strategic industry in North Chungcheong Province. The center provides various support programs for startups. Some of the notable programs are following: “Bio Benchmarking School” which is a startup education program for biotechnology startups done together with EBD Academy, “Global Partnering” program which supports startups to attend events like Bio Europe and Bio USA, “Global Business Development” program that is operated together with the local experts, and “License Support” program that helps startups with acquisition of certifications such as FDA, CE, MDR, and others.
According to the the center, on Aug. 4, 31 startups have received the investment from the center so far, and 19 have succeeded in attracting follow-up investments from external institutions like venture capital. The amount of total investment attraction exceeded 100 billion won (approximately $85 million), and the total startup values exceeded 500 billion won (approximately $425 million). Some of the companies have already received series B investment and the center is preparing to open a venture investment fund in 2021 to strengthen the investment capabilities. Chungbuk Center plans to strengthen direct startup investment capabilities by creating its own venture fund.
Hidden champion in the electroceuticals market: Remed
The electroceuticals market is expected to grow at a CAGR of 7.9% during the forecast period to reach USD 25.20 Billion by 2021 from an estimated USD 17.20 Billion in 2016. Electroceuticals encompass medical devices that use electrical impulses to modulate the body’s neural circuits as an alternative to drug-based intervention. Electroceuticals are also known as bioelectronic medicine, which combines molecular medicine, bioengineering, and neuroscience to discover and develop nerve stimulating and sensing technologies to regulate biological processes and treat diseases. The market growth can be attributed to rising geriatric population, regulatory approval for new and advanced electroceuticals, growing investments and funds for the development of novel therapies and electroceuticals, rising prevalence of neurological disorders, and growing prevalence of hearing loss. Major players in the electroceuticals market include Medtronic plc (Ireland), St. Jude Medical, Inc. (U.S.), Boston Scientific Corporation (U.S.), Cochlear Limited (Australia), Sonova Holding AG (Switzerland), LivaNova PLC (U.K.), Biotronik (Germany), Nevro Corporation (U.S.), Second Sight Medical Products, Inc. (U.S.), and ElectroCore LLC (U.S.). Others are BioElectronics Corporation (U.S.), MED-EL (Austria), Cefaly Technology (Belgium), Stimwave LLC (U.S.), Vomaris Innovations, Inc. (U.S.), EnteroMedics Inc. (U.S.), NeuroSigma, Inc. (U.S.), and Oticon Medical (France). As you can see above, American and European companies are leading the way, but there is a Korean company to note. The company(Remed) has developed TMS for the treatment of intractable brain diseases such as depression, stroke, dementia, etc. It is said that it possesses excellent technology (NMS) in the field of chronic pain treatment, which is a concern of modern people.
*TMS: Transcranial Magnetic Stimulation
*NMS: Neuro Magnetic Stimulation
Systematic care with LAIT PIEL for better skin
LAIT PIEL is a skin diagnostic device to analyze facial skin condition which was developed by a South Korean start-up, Baybiotech. The device has the capability of analyzing skin troubles, pores and wrinkles with the taken image of the user’s face. Through the combination with artificial intelligence (AI) algorithms and the skin image analysis program (named BITU), developed by Baybiotech, it can diagnose individual skin conditions and display the results in real time on a smartphone application. Through a Baybiotech mobile app, the user will be informed about their overall skin trouble condition and receive tailored skin product recommendations.
The noteworthy feature of this non-contactable device is that it recognizes the entire facial area with only one photo, while existing contactable diagnostic device can process a part of facial area and can cause hygiene problems such as irritation or dermatitis. The prototype has been completed and is undergoing final preparation for product feature and technology developments and mass production.
With its technology, Baybiotech aims to serve as a platform that collects and provides the big data not only serve to identify trends in the beauty industry and consumer behavior, but also provide value towards the health industry with skin diagnosis data. The company is currently in negotiations with large cosmetics manufacturers and distributors in South Korea, as well as with Shiseido, Japan, to provide step-by-step skin product recommendations. In addition, it is out for an opportunity to enter into the B2C market in cooperation with local esthetic salons and offline health & beauty shops. It is expected for Baybiotech to continuously research and develop products in cosmetics with biotechnology and, in the long-term, to expand its business to the global healthcare market.
PU:REATH, a air-purifying mask with circulator
As the fear against the coronavirus prompts citizens to wear masks, a surgical mask has become a must-item for prevention and people also find it inconvenient to take a breath. A South Korean start-up, named soluD, developed a new type of mask equipped with a ‘circulator’.
On February 6, 2020, soluD won the grand prize at the International Invention Competition held in Thailand with its mask product. After the awards ceremony, despite the increased demand for masks due to the pandemic, soluD focused on research and development to make it more perfect and optimized for breathing through several tests of stability.
‘PU:REATH’, the innovative mask invented by the company, consists of an inner mask, an outlet, and a triple filter. The inner mask is of ergonomic design to realize comfortable fit and tight adhesion. The circulator in it allows for sufficient air volume optimized for breathing. Furthermore, three types of safety filters are available, which can be used depending on the user’s lifestyle: Super Safety filter, Usual filter, and Sporty filter.
When wearing this mask, the filter will block fine dust from coming in by forming an air curtain. You can feel comfortable breathing because internal air circulates without any dampness. This new type of mask “‘PU:REATH’ is expected to create a change in the mask market.
Have a relaxing night after shower with bathbomb: I’m BOMB
A bath is a great way to relieve sore muscles or simply relax before bed. If you think your bath time as a nighttime ritual, you would be really into the latest trend of bath products. Instead of bubble baths, fragrant and colorful bath bombs are gaining popularity these days.
As people enjoying their bath with bath bomb increase, the worldwide market for bathbomb is expected to grow over the next five years, will reach million USD in 2024, from million USD in 2019, according to a New Research study. Meanwhile, people with sensitive skin also feel worried about its side effects such as redness or itch.
I’m BOMB, a Korean company, makes its efforts to produce a bathbomb which is safer with sweet scents. The company aims to make a bomb that the whole family, from toddlers to elders, even including pets, can use. In order to meet its goal, I’M BOMB tries to contain natural surfactant and safer ingredients in its products.
Considering the growing demand on bathbomb, the company is also getting ready to expand its business into the global market. With its own storytelling marketing and package reminding us of nature in South Korea, it is expected to break into the fierce bathbomb market soon.
Technology that can improve IVD accuracy: INTEKMEDI
In vitro diagnostics are tests done on samples such as blood or tissue that have been taken from the human body. In vitro diagnostics can detect diseases or other conditions, and can be used to monitor a person’s overall health to help cure, treat, or prevent diseases. In vitro diagnostics may also be used in precision medicine to identify patients who are likely to benefit from specific treatments or therapies. These in vitro diagnostics can include next generation sequencing tests, which scan a person’s DNA to detect genomic variations. Some tests are used in laboratory or other health professional settings and other tests are for consumers to use at home. Korean diagnostic equipment has become more popular since COVID-19, as so INTEKMEDI gets insight of all major market activities and what companies to watch. And there are hopes that this new research and the techniques that come out of it could act as a predictive method for health problems amongst patients, acting as an early warning for illnesses in patients who otherwise seem healthy. INTEKMEDI is focusing its efforts on research and development on preventing diseases through early diagnosis of new infectious diseases and prevention of spread.
Deep nutritious care with skincare products produced by foremilk: Farmskin
Rising awareness regarding the anti-aging benefits of bovine colostrum is expected to foster the market growth of the colostrum. Colostrum is the foremilk secreted by mammals including humans, and cows. Colostrum is proven to have a hormone growth factor that helps in cell regeneration if used on a regular basis. The growth hormone promotes the cell growth in the skin, which boosts immunity and health benefits. Especially, bovine colostrum is especially widely applied from functional food and beverage to cosmetics.
Farmskin, a Korean company equipped with strong R&D, is beavering away to increase its market share. The company uses colostrum from cows which is full of proteins, carbohydrates, fats, vitamins, minerals, and antibodies that fight disease-causing agents such as bacteria and viruses. Furthermore, it also makes its efforts to produce safer skincare products, not only by blending natural formula and ingredients but also by raising colostrum content.
New and advanced technologies for manufacturing colostrum-based products are emerging in the global market. Farmskin plans for developing a customized line-up, reflecting customer expectation. With a successful entry into the global market, Farmskin, which exports to 45 countries including the U.S., China, and France, is set to entrench itself in the global market.
Why solid cosmetics?: Fifteen Degrees
It is already common knowledge worldwide that preservatives and emulsifiers are harmful to the human body, and there are maximum allowed limits which need to be complied in order to add in liquid cosmetic products.
Consumers use liquid cosmetics, because there is no alternative to liquid cosmetics.
Fifteen Degrees is an innovative company that aims to solve the fundamental problems of existing liquid cosmetics and present a new paradigm by using its own technology to make solid cosmetics that have ‘water’ removed.
In 2021, Fifteen Degrees Co., Ltd will introduce solid cosmetic products to challenge against skin trouble zero. Fifteen Degrees has utilized freeze-drying technology in order to make solid cosmetics without any “emulsifiers and preservatives that cause skin trouble.” This technology also has the advantage of maximizing raw material characteristics.
In addition, the user friendly semi-permanent pen-type cosmetics container has been developed for more convenience. The simple design allows for one easy push of a button to automatically dissolve the solid cosmetics for easy application on the skin. This design will reduce the recycling and waste emission volumes by one-third in comparison to the same amount of facial cream products.
