Samsin aims to bring a magical solution to infertility
A startup, named after a fairy-like old midwife from South Korean folklore, is striving to address the declining birthrate through an easy-to-use at-home fertility kit.
South Korea has gained notoriety for having one of the lowest birthrates globally, with the figure among women aged 15 to 49 standing at a mere 0.7 persons in the second quarter of this year. In a bid to prevent further decline, the government has implemented extensive measures, offering subsidies for individuals undergoing fertility treatments and couples with newborns. The government has allocated a substantial budget of 17.59 trillion won ($13.5 billion) for the next year, reflecting a 25.3% increase from the previous year.
The rising average age of marriage is notable, driven by a preference among those in their 20s and 30s for independent living rather than adhering to the traditional marriage system. Financial burdens, among other factors associated with marriage, further complicate the situation, as both spouses find themselves juggling the roles of breadwinner and homemaker.
Samsin, a South Korean startup specializing in at-home fertility kits, has been actively addressing this issue. The company assists individuals in assessing their chances of pregnancy by quantitatively measuring follicles containing eggs. The name "Samsin," holds cultural significance, referencing a fairy-like old midwife in Korean folklore known for aiding women in conceiving.
Beyond fertility kits, Samsin is expanding its services to include concierge services for couples undergoing in-vitro procedures, which demand both physical and mental perseverance. Founded in March of this year by former OB-GYN Jaecheong Shin, the company secured seed investment and filed a fast-track application with the government to sell its products before relevant laws are established.
During the COMEUP2024 startup festival held from Nov. 8-10 in Seoul, Samsin garnered attention by advancing to the primary round in a pitching competition, named COMEUP Stars. The global infertility treatment market is estimated to be worth $5.8 billion annually. In South Korea, the annual number of infertility treatments increased from 130,000 in 2019 to 170,000 in 2022. Despite the high cost of one treatment session exceeding 2 million won ($1,539), the success rate remains around 30%.
“Samsin’s at-home kits will be able to increase the number of recipients of infertility treatments, currently standing at 5-7%. I hope the company’s services can contribute to addressing the falling birthrate,” Samsin CEO Shin said in a recent interview with The Miilk.
Below are excerpts from the interview.
