MedySapiens’ solution recognized as innovative product

Certificate of Innovative Product Designation for MedySapiens’ rare disease genomic variants analysis solution, ‘MedySOL’.

The South Korean government recognized biotechnology company MedySapiens’ rare genetic disease solution as an innovative product.

MedySapiens announced on Monday that its genome variant analysis solution for rare genetic diseases, MedySOL, was designated as an innovative product by the Ministry of Trade, Industry and Energy. The government designates breakthrough products as innovative products and provides support and benefits to ensure further market opportunities.

MedySapiens expects this designation to facilitate market access for its solutions in diagnosing rare diseases, especially in newborns, which is the company’s specialty. Although used in many hospitals for research purposes, diagnostic support products related to genomic analysis have not been approved due to a gap in current medical device regulations.

Referring to the designation as a “validation” of the company‘s technology and its goal to provide young patients with rare diseases with opportunities for a healthy life, MedySapiens Chief Executive Officer Kang Sanggoo said they will actively pursue sales opportunities provided by the government designation as well as accumulating experience and data at major public hospitals with the aim of potentially reaching overseas institutions.

MedySapiens is currently exploring entry into the U.S. market via a joint venture with a local U.S. hospital, while also working on clinical verification for service provision with a Taipei-based hospital. In recognition of these efforts, the company has also been selected as a beneficiary of the Public Procurement Service’s overseas market entry support program.

“We aim to meet market demand and grow into a competitive company by expanding into overseas markets with this designation,” Kang said.