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Bel Med Tech is a Swiss pharmaceutical corporation, and Rossum's largest rival. Owen Johnson and Sam Jennings, student researchers at Fremont College planned to sell Bel Med Tech the formula for the N-7316 memory drug. However, the plan went awry when Owen began to have second thoughts and Sam dosed him, causing Owen to ultimately commit suicide. (S1: "Echoes")
As a pharmaceutical company, "Med Tech" probably stands for Medical Technology, while "Bel" could refer to a form of the French word "belle", meaning beautiful.