MedExel’s Safety Pen Needle Receives Enthusiastic Response Even Before Mass Production
MedExel Co., Ltd. (CEO: Cha Dong-ik), a leading manufacturer of diabetes consumables, has had its “Safety Pen Needle” selected as a Next Generation World-Class Product by the Ministry of Trade, Industry, and Energy (MOTIE).
The World-Class Product certification, organized by Korea Trade Investment Promotion Agency (KOTRA) and hosted by MOTIE, identifies and supports products that rank within the top 5 globally in market share and have at least 5% market share, as well as products that have a high potential to enter the top 5 in global market share within the next seven years.
The newly selected Safety Pen Needle addresses a critical issue with existing pen needles: the risk of reuse by self-injecting patients, which can lead to secondary infections among healthcare professionals due to needle-stick injuries. This innovative product fundamentally blocks reuse, offering enhanced safety.
According to MedExel, the current global market for general pen needles is valued at around KRW 1.5 trillion, but the market for safety pen needles is less than 5% of that, highlighting significant growth potential.
Park Won-gwi, Director of R&D at MedExel, stated, “With the global distribution of our Safety Pen Needle, which has been selected as a World-Class Product, we aim to reduce the pain and unnecessary medical costs caused by secondary infections among healthcare professionals worldwide. We remain committed to improving the well-being of both patients suffering from diabetes and the healthcare providers dedicated to their care.”
MedExel was also selected as an Outstanding Company in Employee Invention Compensation System and the Korea Invention Promotion Association (KIPA) in 2016, receiving the Minister of Trade, Industry, and Energy Award.
