According to Yonhap News,

(SEOUL=Yonhap News) The Ministry of Health & Welfare (MOHW) signed a memorandum of understanding (MOU) on October 2 with Johnson & Johnson Medical Korea for investment cooperation in medical devices to develop Korea’s medical device industry.

The MOU, suggested by Johnson & Johnson Medical Korea, is the first investment agreement between a global company and the Korean government in the medical equipment sector, according to the MOHW.

Johnson & Johnson Korea plans to invest USD 25 million for five years to strengthen research and development in cancers, chronic diseases and cerebral hemorrhage diseases and expand academic exchange programs.

"We are pleased about the MOU, as cooperation with the Korean government will contribute to the growth of the medical device industry in Korea and solidify its standing in the global market,” said a Johnson & Johnson Korea official.

"To secure global competitiveness in the Korean medical equipment sector, exchanges and cooperation with global leading companies cannot be more important. We hope Johnson & Johnson will share its experience and technology with companies in Korea," said an MOHW official.

mihye@yna.co.kr

Copyrights Yonhap News. All Rights Reserved.