The global healthcare and medicine market is increasingly looking towards adapting biomaterials for various ailments and conditions. Korean startup’s founder and CEO Kim Hong Sik saw the opportunity of growth in the field of biomaterial usage for healthcare purposes.
In 2019, Kim Hong Sik, a research scientist, founded his company PENS Co., Ltd., a science-based company that plans its growth in health and wellness through biomaterials. PENS CO., Ltd is currently working on two conditions using biomaterials – height growth for growing children and Osteoporosis in the elderly. Kim Hong Sik talks to koreatechdesk.com about his company, the bio-material market, and its future.
1. Please tell me about your background; what are you working on currently?
I have a doctorate in public health. I’ve worked as a researcher at the National Institutes of Health and the Korea Food Research Institute and promoted research on diagnostic kits such as bio-material development and malaria. Currently, I manage PENS Co., Ltd., a research and development company specializing in biomaterials.
2. What motivated you to get started with your company?
I think Bio-materials are not only highly scalable in food and medicine, but also have considerable potential. In addition, the added value of raw materials can be increased, thereby increasing the added value of agriculture. I started my business to create new value for consumers through a scientifically proven and innovative biomaterials supply.
3. Please tell us about your founding team?
Our company consists of professional research personnel such as Doctor of Pharmacy, Director of Food and Drug Administration, Director of Medicine and Nutrition, and Director of Health Medicine. We want to grow into a future biomaterial innovator group through these core scientific talents.
4. What problem are you solving? What is the market opportunity?
We are interested in two markets below and are working on them.
① height growth Market
People in the growing age group are worried about height growth due to the increase in average height. Existing products in the market tend to be inaccessible to consumers due to excessive costs. So, we are developing more effective and economical products.
② Osteoporosis Market
As society ages, the incidence of Osteoporosis is increasing.
So we are developing products that are not only effective but also economical and safe.
5. How have you attracted users and grown your company from the start?
Our biomaterial research and development team studied the scientific verification and functional identification of natural materials and applied for a patent for it. And we published the results in the SCI-level international journal. We will further develop this and enhance our corporate image by building trust in biomaterials under research and development.
6. What’s your business model, and how have you grown your revenue? What strategy worked best?
We plan to commercialize the R&D by incorporating the growth of height growth and osteoporosis bio-introduction into various fields such as raw materials, food additives, pharmaceuticals, health functional foods, and herbal preparations.
7. How much funding have you raised in total so far and future plans?
Currently, it has not been invested yet. Our company operates with equity and policy funds. In the future, we plan to attract investment in earnest after applying for patents in each country and publishing in international journals.
8. What are some marketing tips to help maximize the success of a product launch?
As mentioned earlier, we are a company that focuses on biomaterial technology. Therefore, we plan to focus our capabilities on publishing patents and international journals through scientific verification and functional identification. Focusing on R&D, we plan to build trust and enhance the corporate image.
9. What is a good product launch checklist?
We plan to launch our products in a scientific verification process to verify the safety and effectiveness of natural substances. Selection of natural substances-Cell and animal experiments- Patent application- Identification of indicator substances-Clinical testing-Material development- Food material and product industrialization.
10. What’s the hardest thing about product launches?
We were planning to enter the overseas market first, but due to COVID-19, local companies’ visits are not smooth, so there is a delay from the planned schedule. In order to solve the problem, we are contacting foreign companies through various channels.