Mina Jung
2024年4月19日
Expanding Services Beyond Professional Translation to Global Marketing and Market Research Enhancing Global Competitiveness Through Strategic Partnerships; Signing an MOU for Marketing in ThailandExpanding from B2B to B2C to Serve Individual Researchers and Consumers
[BioTimes] Despite its limited presence in the global market, South Korea’s pharmaceutical and biotech industry is emerging in the red bio sector, including cell and gene therapies, with an annual growth rate of 8.4%. This growth is expected to positively impact the expansion of contract research organization (CRO) and contract development and manufacturing organization (CDMO) services in drug manufacturing and research outsourcing.
According to the Korea Health Industry Development Institute’s ‘2023 Health Industry Statistics,’ the domestic pharmaceutical market size (pharmaceutical sales) is estimated at approximately KRW 30.3 trillion this year, with an annual growth projection of over 13% until 2026. As the K-Bio market grows, specialized translation services addressing cultural and linguistic barriers in the pharmaceutical and biotech industry are gaining attention. We met with Ms. Giai Kwon, CEO of MediTrans, a professional translation platform supporting companies in gaining a competitive edge in the global market.
Q. What is MediTrans, and what expertise does it offer?
MediTrans is a name derived from “Medi” (medical) and “Trans” (translation), embodying its identity as a specialized translation company for the pharmaceutical and biotech industries. Recently, MediTrans has focused on professional translation services for localizing multilingual websites and investment-related IR materials to help Korean pharmaceutical companies and biotech firms expand into global markets, supported by government initiatives.
Leveraging the clinical experience of global medical professionals, MediTrans specializes in translation services tailored to the pharmaceutical, biotechnology, and biotech industries. By localizing domestic and international corporate websites and mobile applications with cultural sensitivity and regulatory compliance, MediTrans enhances clients’ market entry speed while minimizing legal risks. This professionalism and accuracy have increased customer satisfaction and earned the company a strong reputation for reliability.
MediTrans was established in 2020, during the COVID-19 pandemic, as demand for translating COVID-19 vaccine documents surged. Initially, it primarily served international clients, but with the growth of the K-Bio industry and government support policies, the company is now expanding into the domestic market to help Korean pharmaceutical and biotech companies successfully enter global markets.
Q. How is MediTrans’ professional translation platform different from general translation services?
First, MediTrans provides strategic insights based on years of experience in the pharmaceutical and biotech sectors, assigning field-specific experts to ensure meticulous work. Second, native-language experts perform rigorous final reviews that consider cultural and regulatory nuances, offering localization services that directly contribute to increased overseas sales. Finally, MediTrans provides customized solutions tailored to clients’ business needs. For example, suppose a company is developing a mobile app service for nurses in the U.S.. In that case, MediTrans conducts in-depth analysis and optimization of commonly used medical terminology, local regulatory environments, and cultural differences to ensure a seamless localization process, maximizing the client's success in the global market.
Q. What are the key factors for ensuring quality and accuracy in translation services?
MediTrans collaborates continuously with global companies and CROs, providing translation and proofreading services for a wide range of fields, including clinical trial documents, research papers, marketing materials, and IR documents across pharmaceuticals, biochemistry, medical devices, and beauty industries. A structured review process minimizes errors, and ongoing communication with clients ensures high-quality, satisfactory results.
Additionally, MediTrans meticulously analyzes whether the target audience of a translated document is the general public or professionals, ensuring that translations fully reflect the cultural and regulatory requirements of the target country. Native-language experts conduct final reviews to guarantee accuracy and compliance.
Translation services go beyond simple language conversion; they require precise application of cultural context and medical terminology, ensuring alignment with each region’s regulations and requirements. MediTrans' core strength lies in delivering accurate translations that consider medical terminology and cultural nuances.
Q. What additional services does MediTrans offer beyond translation?
MediTrans provides overseas marketing support and market research services for domestic companies looking to enter global markets. These services leverage MediTrans’ extensive international network of experts across North America, Latin America, Europe, China, Japan, and Southeast Asia.
Additionally, MediTrans offers specialized medical writing services by matching clients with licensed medical writers for tasks ranging from research paper summaries to clinical trial documents. The company also provides translation and notarization services for various medical records required by courts and insurance companies, such as medical opinions, diagnoses, referral letters, treatment confirmation letters, and medical expense request forms.
Recently, MediTrans has taken a step toward strengthening its global competitiveness by signing a marketing MOU with a Thai company experienced in cosmetic and medical device distribution. The company plans to expand its coverage to more countries by forming additional strategic partnerships.
Q. What are MediTrans’ plans and goals?
As a company specializing in the pharmaceutical and biotech industry, MediTrans aims to align with government policies and initiatives in this sector, enabling both domestic and international businesses to utilize its services more extensively. The company is also exploring ways to expand its services from B2B to B2C, allowing individual researchers and consumers to access its offerings.
MediTrans aspires to become a total service provider that facilitates seamless international marketing and trade. The company plans to support customers with comprehensive services, from overseas market research and establishing business contacts to handling export/import regulatory documentation and localizing websites and news articles for effective market entry. By doing so, MediTrans seeks to further grow as a global player in the industry.