Samsung Medison’s CEO, Bang Sang-Won, has set out the new corporate vision of ‘New Vision into Life’, and has announced the company’s goals of becoming one of the world’s top 4 ultrasound diagnostics firms. The company, in part through synergies with Samsung Electronics, aims to become a top tier medical equipment manufacturer by 2020.
Mr. Bang added “We have changed the Medison company name to Samsung Medison, and we will put customer satisfaction at the top of our priority list by providing the very best in quality and service, in line with Samsung’s global image. We will dramatically increase our investment in research and development, and will do our best to promote human health and happiness by securing the best in scientific and human resources in the medical device industry.”
Last May, Samsung selected medical devices as one of the five new business sectors that would drive its growth; Samsung announced that it would invest $1.2 billion in this area, with the goal of achieving sales of $10 billion by 2020. The first step was to buy Medison Co., Ltd. in February of this year; the company was then integrated into Samsung Electronics as an affiliate company, and changed its name from Medison Co., Ltd. to Samsung Medison at a shareholders’ meeting in March.
Samsung Medison will combine Samsung’s resources, digital technology and experience of growth worldwide with Medison’s technological prowess and established market presence. The company will continue to invest more than 10% of its annual sales in R&D, and will expand investment in marketing strategies such as holding global academic conferences and seminars. In addition, Samsung plans to have more than 10,000 employees in its medical equipment business by 2020.