Covidien launches a $21 million innovation center in South Korea, a country the medical device giant calls key to its international plans.
Massachusetts medical device maker Covidien (NYSE:COV) is opening the doors on a new Center of Innovation in South Korea, a country that the company calls “a key market in our global strategy.”
Covidien plans to spend $21 million over the course of 3 years to support the center, which will focus on engaging local healthcare professionals in design and development of medical devices in order to tailor solutions for the market.
Covidien has made other recent moves in the region, including 2 memorandums of understanding signed with the Korean Surgical Society and the Korean Society for Thoracic & Cardiovascular Surgery. All members of both groups will undergo mandatory certification at the new Covidien innovation center.
The facility is more than 6,000 square meters in size with an 11-station surgical lab, an ICU lab with a human patient simulator and a 112-person-capacity auditorium with 3D and high-definition display technology.
“There is an increased expectation and focus on medical technology to help improve patient outcomes,” Covidien Korea managing director Peter Kim said in prepared remarks. “With the opening of CCI Korea, Covidien can further advance healthcare professional capabilities and enhance collaboration activities between R&D professionals, academic institutions and healthcare professionals to create access to improved standards of care.”
Covidien plans to continue working with Korean medical societies to launch training programs and spur new product development, the company said.
COV shares were down 1.6% as of about 1:30 p.m. today, when they were trading at $59.98 apiece.