South Korea is a "key market" in Covidien's global strategy

August 27, 2013 by Arezu Sarvestani

Covidien launches a $21 million innovation center in South Korea, a country the medical device giant calls key to its international plans.

Covidien launches $21M R&D center in South Korea

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.

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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.