The world recognition of VATECH diagnostic imaging sensor
The world recognition of VATECH diagnostic imaging System
VATECH (Chang Joon Ro, CEO) the leading dental digital imaging system manufacturer, demonstrated the power of “Made in Korea” once again during IDS 2009, the world largest dental equipment exhibition, in Germany.
Dentists, distributors and competitors from over 70 countries visited VATECH booth during the exhibition.
VATECH attended IDS 2007 for the first time and to many European doctors and competitors the idea of buying Korean made medical equipment was almost derisive.”
“One Italian doctor thought Koreans still resort to herbs to deal with illness and he asked when Korea started producing medical equipment” Mr. Ro recalled.
The situation is reversed in 2 years. During IDS 2009, Sirona.
Since Mr. Noh took over VATECH in 2002, the all in focus on the digital imaging technology succeeded when the market transition from analogue to digital took place around the same time.
Mr. Ro identified the opportunity and was determined to fill the gap when Siemens (Germany) and GE (USA) disinvested in dental imaging division due to nominal profitability. He spent numerous nights, almost an year, on a makeshift bed in his office while developing digital imaging system.
The first domestic dental digital panoramic X-ray was introduced successfully in 2002 and followed by the world’s first multi X-ray modality, 3 in 1 in 2005 when 3D CBCT, Cephalometric for orthodontics and panoramic X-ray were combined into a single X-ray unit.
This year, the most critical parts, majority from Japan, will be replaced with domestic ones.
The percentage of foreign parts decreased to 5~10%, especially after the core components of diagnostic imaging system, sensors and software engine were produced locally. It results a higher profitability up to 20% which doubled the one from last year, according to the company statement.
For a Korean company to become a vital player in a high value added industry such as the medical equipment, there should be 2~3 leading companies in Korea with revenues over 1 trillion won, emphasized Mr. Noh. This is the fastest way to eliminate the notion of “Korea Discount”, price discount of 20~25% than the equivalent products from overseas just because of “Made in Korea” labeling.
The sales revenue of VATECH and E-WOO reached 140billion won last year including export to USA (11.6 billion won), Germany (10.3 billion won), and Japan (7.4 billion won), top three medical equipment markets.
By 2012, the total revenue is expected to reach 1 trillion won.