Globaluck- South Korea
Thousands of South Koreans will benefit from Australia’s innovative medical technology after Cortical Dynamics signed an exclusive fiveyear distribution agreement in April 2018 to distribute its Brain Anaesthesia Response Monitor (BARM) in the country.
The agreement will see the device distributed to hospitals across Korea, where it will assist anaesthetists and intensive care staff to monitor patients under anaesthesia and to minimise the incidence of side effects.
‘The Korean deal was Cortical’s first international distribution agreement for our BARM,’ says David Breeze, Executive Director, Cortical Dynamics. ‘Once our distributor obtains the necessary regulatory approvals, the monitor should be available in hospitals by the end 2018.’
Austrade key to success
The distribution agreement arose as a result of an invitation from Austrade to attend and present at the Australia Medtech Innovation Showcase in Korea in 2016. Organised by Austrade, the event enabled Australian medtech companies to showcase their products and services to leading Korean pharmaceutical and medical device manufacturers.
In addition to presenting the BARM at the event, Cortical was introduced to senior medical staff and professors in anaesthesia at Korea’s leading teaching hospitals and a number of Korean businesses, including its eventual distributor. Austrade also provided Cortical with insights into Korea’s healthcare industry and medtech sector to assist with the company’s market research.
‘Austrade was instrumental in helping us secure the Korean distribution agreement,’ says Breeze. ‘They paved the way for us to enter a market with a strong need for our system.’