J&J Medtech's O Jin-yong emphasizes open innovation for Korea's global medical device entry

“We plan to continue to strengthen our role as a bridge to help outstanding domestic corporations enter the global market. Recently, we have been focusing on innovative digital and artificial intelligence (AI) technology corporations.”

O Jin-yong, president of Johnson & Johnson Medtech (hereafter J&J Medtech) for the North Asia region, noted on the 19th, “We plan to strengthen collaboration with domestic corporations that possess innovative digital technologies.”

Founded in 1886, J&J is the largest healthcare corporation in the world. Its pharmaceutical division includes Janssen, while its medical devices are handled by MedTech (formerly Johnson & Johnson Medical). The consumer division was partitioned in 2022 and became the subsidiary Kenvue.

Since starting its startup incubation program JLABS in 2012, J&J has supported over 1,000 bio ventures and medical technology corporations worldwide. It attracted investments of $10.94 billion (approximately 14.5 trillion won) and achieved milestones such as the listing of 57 corporations. In Korea, it began JLABS last year and was selected as the global accelerator enterprise promoted by the Ministry of Health and Welfare.

O said, “J&J values open innovation as a key business strategy and principle to continue growing by actively embracing external ideas and innovative technologies.” In fact, J&J acquired three corporations in the cardiovascular business from 2022 to last year, including Abiomed, which specializes in heart pump devices, Laminar, a heart implant corporation, and Shockwave, which developed and commercialized intravascular lithotripsy.

He said, “Open innovation applies to Korea as well,” adding, “We are aiding the global market entry of domestic corporations through collaboration.”

Last month, J&J Medtech signed an exclusive supply contract for the bone graft material Novosis for fracture surgeries with SG Bio and its subsidiary CG MedTech. J&J Medtech will handle the distribution and sales of CG MedTech’s graft materials in Korea, Taiwan, Thailand, India, Hong Kong, and Macau. Last year, it also signed a promotional contract with the domestic artificial intelligence corporation Hutom for an AI navigation product that assists in organizing data necessary for surgeries and planning surgical procedures.

O said, “The scale of collaboration with SG Bio among domestic corporations is the largest recently,” and added, “We are also collaborating with various domestic corporations such as T&R Biofab and Huyino.” He noted, “There are projects under discussion with domestic corporations, but it is difficult to disclose specific details yet,” stating, “We are discussing collaboration in various areas with companies based on biotech, aside from AI-based medical solution companies.”

O Jin-yong joined J&J in 2014 and has been leading the medical device business for J&J in the North Asia region (which includes Korea, Taiwan, Hong Kong, and Macau) since 2022. He previously served as a financial leader managing global supply chains at the U.S. headquarters, as the Chief Financial Officer (CFO) for North Asia, and as the senior financial director for Ethicon in the Asia-Pacific region. This experience has enabled him to recognize changes in the global medical device market ahead of others.

O said, “The major direction of the medical device industry is digital technology, including AI.” He explained, “Previously, medical devices were merely medical equipment; now, they are evolving towards solutions that incorporate digital technology to enhance treatment accuracy and predict more precise outcomes.”

He noted that the company changed its name from J&J Medical Devices to J&J MedTech in response to these changes. It has launched products such as surgical robots for artificial joints and Varipulse, a treatment solution for arrhythmias based on three-dimensional (3D) mapping technology.

O announced plans to open a skills training center in the Busan area to promote healthcare development in Korea. He stated, “For innovative new medical technologies to quickly enter the domestic market, three aspects must align,” explaining, “We must persuade our global headquarters about Korea's medical environment and supply needs, coordinate with Korean health authorities for faster implementation, and ensure skills training that allows for the successful introduction of new technologies in healthcare settings is also crucial.”