MedExel Diversifies Insulin-Related Products for Second Growth Phase
MedExel Co., Ltd., located in Anseong-si, Gyeonggi-do, South Korea, is a company that manufactures and supplies insulin-related medical devices. Established on January 5, 2000, through a joint venture between European, American, and Korean companies, MedExel started under the name Daejin Yanghang Co., Ltd. and has specialized in manufacturing pen needles, which are consumables for insulin pens, primarily exporting these products to Europe and the United States.
As MedExel has continuously innovated to supply insulin pen needles for diabetes treatment, the company is now preparing for its next phase of growth by diversifying its product lineup and expanding into new export markets.
Cha Dong-ik, who was appointed as the new CEO in January this year, expressed his vision to include high-value-added products such as safety syringes, filter syringes, and infusion sets in the product portfolio. Additionally, he aims to drive MedExel’s growth by successfully developing an insulin pen.
What Is MedExel and What Are Its Core Products?
MedExel manufactures pen needles, a consumable for insulin pens. The company exports 98% of its production to Europe and North America, supplying most of its products to global companies. Since its establishment, MedExel has primarily focused on ensuring a stable supply of diabetes syringes and insulin pen needles.
Pen needles are essential items for selling insulin-related medical devices, as they are a fundamental component in this field. With over 15 years of experience in producing insulin syringes, pen needles, and other insulin-related medical devices, MedExel has accumulated extensive production facilities, skilled personnel, and expertise. The company’s high-quality standards and unique differentiation have earned it long-term partnerships with international distributors. Furthermore, MedExel recently signed an export contract under its own brand, “TopFine,” which has significantly improved sales prospects.
By leveraging this momentum and focusing on product diversification and market expansion, MedExel has great potential to achieve rapid growth in the near future.
What Is Your Experience Leading up to Becoming CEO of a Manufacturing Company?
My journey into the medical device field began when I enrolled in Yonsei University’s Biomedical Engineering program. At the time, biomedical engineering was an unfamiliar field, unlike today, when it’s offered at many universities. I was inspired by popular TV shows like The Six Million Dollar Man and The Bionic Woman, which sparked my dream of working with advanced medical devices.
After graduation, I joined JW Medical and worked in the R&D team as a developer for 10 years, where I contributed to the localization of medical devices such as incubators, surgical lights, and sterilizers. I then moved to Samsung-GE Medical Systems, a joint venture between Samsung and GE, where I transitioned from development to sales, a challenging shift for an engineer.
However, my technical knowledge and ability to accurately explain products proved beneficial in sales. While working there, I also earned a Ph.D. in engineering in 2004.
With ten years of experience in medical device development and another 10 years in medical device sales and marketing, I eventually connected with MedExel, bringing together my comprehensive background to lead the company.
How Do You Plan to Lead MedExel as CEO?
Importers, compared to manufacturers, have the advantage of stably distributing products that have been verified in terms of research and development, market potential, production, storage, and quality, but they lack the core infrastructure to internalize production facilities, R&D, quality control, and human resources.
On the other hand, MedExel is a pioneer in the domestic insulin medical device field. We’re not just a manufacturing company—we possess strong capabilities and potential for expanding our product range, backed by production facilities, skilled personnel, and extensive manufacturing experience. MedExel has the foundation to creatively shape the entire process, from R&D and marketing to production, sales, and quality control.
Now is the time for us to make a significant leap forward by diversifying and expanding our product lineup to meet the evolving market demands. We’re in an ideal period of opportunity to achieve this. To that end, we are focusing on expanding our product portfolio, enhancing development capabilities, and identifying new partnership opportunities. By the end of this year, we plan to share the tangible results of our efforts with our employees and stakeholders.
What Specific Efforts Are You Making to Create New Markets?
First, we plan to expand our market share in the domestic market. The current domestic market for pen needles is valued at approximately KRW 15 billion. Our goal is to rapidly increase our market share by partnering with leading domestic and international companies. Our confidence is rooted in our extensive experience with quality management.
Second, we are pursuing the development, partnership, and sale of not only pen needles but also other insulin-related medical devices such as safety syringes, filter syringes, and infusion sets.
Lastly, we are actively expanding into insulin-related medical device markets in North America, South America, Europe, the Middle East, and Southeast Asia. In addition to our existing clients in Europe and the U.S., we are pursuing new contracts with rapidly growing global markets. We have recently achieved success by securing contracts in the Middle Eastern GCC countries, including Saudi Arabia, and more recently in Malaysia.
In anticipation of increasing export contracts, we have also acquired new land for a factory at the Anseong 2nd Industrial Complex.
What Is Your Personal or Company Vision?
Creative thinking is the future of MedExel. I want to emphasize self-innovation, a spirit of challenge, and passion as core values. We are working hard to establish an open organization and a healthy corporate culture that enables innovation to always adapt to changes, forms organic networks through creativity and cooperation, and continuously generates new business areas.
MedExel has continuously evolved through change and innovation. Above all, we aim to be a company that satisfies and earns the trust of our customers, a company where the greatest asset is its employees, a company that respects communication, and a company that promotes happiness.
We strive to be a workplace where employees feel excited to go to work, feel fulfilled at the end of the day, and work in an enjoyable and supportive environment. Here, hard work is recognized, rewarded, and celebrated by everyone.
As a Board Member of the Association, Do You Have Any Thoughts on the Industry’s Development?
The medical device market is promising and plays a pivotal role in revitalizing national industries and contributing to national development. However, visible growth is essential.
The domestic medical device market is uniquely positioned as a testing ground—it has discerning consumers, rapid trend shifts, fierce competition with global brands, and significant influence on other Asian markets.
In this highly attractive market, collaboration and partnerships between medical device companies need to be more actively promoted. By supplementing each other’s strengths and building competitiveness together, we can further enhance the industry as a whole.
