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Trade Commissioner Service > Funding and support for international business > Canadian digital health innovation delegation to South Korea

Canadian digital health innovation delegation to South Korea

Request for expression of interest (EOI)

Global Affairs Canada (GAC) through the Embassy of Canada in Seoul and the National Research Council Industrial Research Assistance Program (NRC IRAP), would be pleased to receive your application to participate in the Canadian Digital Health Innovation Delegation to South Korea, which will take place in-person from November 1-3, 2022, in Seoul, South Korea.

Please note that interested companies must apply no later than August 26, 2022.

Note: This mission is being planned as an in-person event which will require travel to South Korea. Travel, however, must be consistent with both South Korea and Canada’s travel advice and advisories.  If these advisories recommend against travel to South Korea at the time of the mission, it may take place virtually. This means that all B2B meetings and speaking opportunities would be held virtually and some elements of the program may have to be cancelled. In addition, any funding approved for participant travel to the mission would be withdrawn.

Delegation objective

The R&D delegation will focus on introducing Canadian Small-to Medium-Size Enterprises (SMEs) to potential Korean partners for industrial R&D collaboration in the digital health sector.

Examples of R&D collaboration include, but are not limited to the following:

Collaborative R&D projects (validation, adaptation, and/or co-development) between Canadian and Korean companies resulting from the Canadian Digital Health Innovation Delegation to South Korea may be eligible for Canadian International Innovation Program (CIIP) funding. Please click the CIIP link for further details.

Canadian delegate profile

Canadian participants should meet the requirements below in order to benefit from this initiative:

Technology and products of particular interest for this mission include:

Delegation description

The Canadian Digital Health Innovation Delegation will take place in-person over a three-day period. Planned elements of the mission include:

The mission will focus on introducing Canadian SMEs to potential Korean partners for industrial R&D and innovation collaboration. With strong R&D expertise and capacity in these sectors, Canadian companies are well positioned to partner with leading Korean companies and R&D centers to increase their global competitiveness and access new markets.

Digital health sector in South Korea

Digital transformation in the Korean health industry is now seen as an inevitable and commercially viable imperative to tackle the current challenges associated with COVID 19, an aging society and to nurture new industries while leveraging the country’s ICT strengths.

South Korea is home to ICT key players like Samsung and LG; telecommunications companies (Telcos) like KT and SKT; and national platform giants like Naver and Kakao. Korean expertise and infrastructure in the ICT sector, combined with the quality medical data from the country’s universal health insurance program, is set to accelerate the development in the digital health sector in Korea.

In 2020, the size of South Korea’s digital health market was CAD $2.6B, and is expected to reach CAD $4.7B by 2024. The market is growing rapidly at CAGR of 16.3%, which is higher than the CAGR of 15% for the global digital health market as a whole.

The Korean government has announced a Digital New Deal Plan which will foster and invest in the smart healthcare industry in Korea. A total of CAD $232M will be invested in the digital health sector by 2025, creating 2,000 jobs.

With the outbreak of COVID 19, the Korean government temporarily eased healthcare regulations, and it is reported that 2.2 million patients benefited from tele-monitoring/treatment, with a total of 3.3 million tele-care cases logged since the pandemic outbreak. In October 2021, a bill was proposed in the Korean parliament, which allowed tele-medicine services to be offered within Korea’s healthcare system. Even though the bill introduces limitations in the scope of patient and health care activities, local industry believes it is a big step forward.

The government’s efforts to invest in the digital health industry and to ease regulations are expected to bring additional business, investment and R&D opportunities for Canadian digital health companies.

As the digital health market covers a wide spectrum of products and services, various industry players in the Korean market are moving quickly to capitalize on opportunities. Korean ICT companies, Telcos, and platform operators are actively pursuing projects with innovation-focussed hospitals and have plans to explore opportunities globally. Therefore, collaboration with Korean companies can help Canadian technology companies access commercial and innovation opportunities not only in Korea but globally.

Reference:

Financial support for travel costs

The Canadian International Innovation Program (CIIP) may provide financial support to eligible Canadian SMEs participants for 50% of all eligible expenses (see application process below) such as:

Note: Further information on the eligibility for travel funding will be provided to companies selected to participate in the mission. In the event that the mission takes place  virtually, we anticipate that the financial cost of participation will be limited.

How to apply for participation

  1. Interested SMEs should request an application form from Hyun Ju Lim (hyunju.lim@international.gc.ca), Trade Commissioner at the Embassy of Canada in South Korea. A complete application form will be sent to you to request additional information on your company, your technology and your interest in discussing possible R&D opportunities;
  2. Completed application forms are due no later than August 26, 2022 to Hyun Ju Lim (hyunju.lim@international.gc.ca)
  3. The Embassy of Canada in Seoul and NRC IRAP will select companies to participate in the mission. Selected applicants can expect to be notified no later than September 9, 2022
  4. Companies formally selected to participate in the mission will be invited to apply for travel funding support. Interested participants should request a travel funding form from Hyun Ju Lim (hyunju.lim@international.gc.ca).
  5. Companies who apply for travel support will be notified of the funding decision no later than September 23, 2022.

Please note: Participation is limited. Applications submitted will be assessed and vetted to determine eligibility based on the quality of the information provided. In addition to the technical merits of the proposed project, the company’s internal capacity to adequately support and manage an international R&D project with a Korean partner will also be assessed.

Canadian International Innovation Program (CIIP)

Global Affairs Canada (GAC) in collaboration with the National Research Council Industrial Research Assistance Program (NRC IRAP) delivers the Canadian International Innovation Program (CIIP) in South Korea. CIIP supports industrial R&D collaborations between Canadian SMEs and companies in key markets, including South Korea.

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