Nov. 30 2022
On November 16th, Provision Consulting Group, Inc., which specializes in consultation on FDA approval for bio-healthcare and medical devices, held a general meeting with POSCO International America Corp at the Provision Consulting Group office in Los Angeles. A memorandum of understanding was signed for cooperation on the entry of bio-healthcare and medical device startups in North America.
Since its establishment in the United States in 2013, the Provision Consulting Group has specialized in consulting FDA approval in the field of bio-healthcare and medical devices, preparation for clinical trial inspections, and preparation for factory inspections. It is a consulting firm that is actively partnering with Korean companies to support entering the US market.
The Provision Consulting Group established its own affiliate, NexGen Healthcare Group, as a distribution platform, to provide customized consulting one-stop solutions for each customer on bio-healthcare, medical device marketing strategy development, and import distribution channels in accordance with FDA regulations. From efficacy and safety verification to regulatory compliance, FDA approval, and distribution, Provision has been concentrating on continuing its success story from entering the US market as well as promoting growth.
In addition, as an economic advisor belonging to the Consulate General of Los Angeles, Korea, Provision Consulting Group is providing advice on FDA-related matters and is cooperating with KHIDI (Korea Health Industry Development Institute) and a global licensing expert for KOTRA. Moreover, as Provision has a history of multiple high-speed FDA 510(k) approvals in the US and has rich experiences in successfully supporting bio companies such as Ceragem, Dong-A Pharmaceutical, and Dental Implant companies in Korea, is expected to help startups overseas.
As of 2020, the US bio market is worth 283 trillion won, 16 times larger than that of Korea, and is expected to reach 521 trillion won in 2027. POSCO International America Corp plans to actively support bio-healthcare startups that are collaborating with group companies to enter into the US market in order to prepare a foothold for the company to lead the agricultural/biological sector, as one of seven major businesses of the group.
For more information about the business agreement between Provision Consulting Group and POSCO, you can check it at http://www.kmdianews.com/news.
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