Korea’s Only Leader in Electroceuticals Using Magnetic Fields
▲REMED CEO - Charles Koh
Please briefly introduce us to Remed.
Aiming to become a global company specialized in electroceuticals for brain diseases
Remed is a medical device venture company that was founded in 2003. It is the first company in Korea to research and develop electroceuticals, and has become the first company in Asia, and the second in the world to develop the transcranial magnetic stimulation (TMS) device. We supply our products not only domestically to hospitals in Korea but also medical facilities through our local branches in 40 other countries around the world. In 2021, our ALTMS model received the Special 510(k) from the U.S. Food and Drug Administration. Now, we have expanded the scope of our business to the neuro magnetic stimulation (NMS) sector to treat chronic pain, as well as the core muscle strength magnetic stimulator (CSMS) that we successfully developed for the first time in the world in 2014 to target the high value-added aesthetics market. Remed was listed on KOSDAQ in 2019. We aim to become a global company specializing in electroceuticals by applying TMS to other medical conditions including dementia and strokes.
Briefly describe the features and advantages of the “Transcranial Magnetic Stimulation Treatment Device" and the "Neuro Magnetic Stimulation Treatment Device.”
Non-invasive brain disease and pain treatment device using magnetic fields
Remed has been conducting research on transcranial magnetic stimulation (TMS) since the company was founded. TMS uses strong magnetic fields to stimulate the cortex of the frontal lobe to treat chronic depression. Now, it is also used to treat various brain diseases. In 2021, our ALTMS received the Special 510(k) from the U.S. Food and Drug Administration. We are currently expanding the scope of our devices to treat strokes, dementia, and Alzheimer's disease.
Talent-Pro is our neuro magnetic stimulation (NMS) device that directs strong magnetic fields into the human body to activate the inner muscles and nerve cells to treat chronic pain. The device was approved to be sold in the U.S. by the U.S. Food and Drug Administration in 2021. As our sales in the U.S. are skyrocketing, we are expecting an even more streamlined entry into other countries. We are also looking forward to expanding the scope of our products to consumables by selling Compact II, a portable and compact pain treatment device.
In 2014, we successfully developed the core muscle strength magnetic stimulator (CSMS) for the first time in the world. Targeting the aesthetics market, the product is showing immense annual growth. By stimulating the deep core muscles with magnetic fields, the CSMS contributes to strengthening the muscles, changing body types, and enhancing skin elasticity, thereby maximizing the overall aesthetic effects of the human body. Our “perfect” model is receiving great interest from the industry.
What are your future business plans or blueprint after entering the global market?
Strengthening the global sales network in the United States, Japan, and beyond
Our 2022 goal is to reach 30 billion KRW in sales, as we are officially planning to enter the U.S. market this year, as well as aggressively targeting the Japanese market. We will strengthen our global sales network that spans over 40 countries including Thailand, Turkey, and Indonesia. We will also make plans to enter the Chinese market, which was postponed due to COVID-19. TMS will be applied to more medical conditions including Alzheimer's disease, autism, and stroke, and we will also accelerate our efforts to enter the urinary incontinence treatment market. Our ultimate goal is to become a leading company in the global electroceuticals industry.