By Kim Young Shin 

President Moon Jae-in officially announced his administration's plans to boost innovation in the medical equipment industry and to review relevant regulations and oversight, at the Seoul National University Bundang Hospital in Seongnam-si City, Gyeonggi-do Province, on July 19. 

The event was hosted by the Ministry of Health and Welfare, the Ministry of Food and Drug Safety and other relevant bodies. 

President Moon pledged to apply a separate evaluation system for new medical equipment, to simplify the authorization process for vitro diagnosis machines that are stability-guaranteed, to provide comprehensive consultation for medical equipment companies that are trying to enter the market, and to open the regulation process to the public. 

“There is nothing more regrettable than the medical equipment industry, developed only after countless amounts of effort, not being fully utilized because of excessive regulation, not being allowed to help patients who desperately need such aid,” he said. “We will support the new challenge to save lives. Removing old habits, systems and unnecessary regulations will be the start.” 

“Coming up with innovative regulations in this industry is not easy, but if we successfully deregulate the medical equipment industry, we will be able to push forward innovation in other sectors as well,” said the president. 

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