- Information Center
- Investment News
(SEOUL=Yonhap News) The Korean government and private biomedical institutions will be working together on building a big data system to secure a competitive advantage in the global biohealth industry (e.g., customized medical services) during the 4th industrial revolution.
Minister of Trade, Industry and Energy Joo Hyung-hwan revealed April 17 the ministry's 'Biohealth Industry Development Strategy to Lead in the 4th Industrial Revolution' at the Biohealth Industry Meeting held at the Courtyard by Marriott Seoul Pangyo in Seongnam, Gyeonggi Province.
Minister of Trade, Industry and Energy Joo Hyung-hwan (front row, fifth from left) posing for a group photo at the Biohealth Industry Meeting held April 17 at the Courtyard by Marriott Seoul Pangyo in Gyeonggi Province. (Yonhap)
While customizing medical and healthcare services to each individual demands a high degree of access to medical data, current regulations have led hospitals to use incompatible data formats, and requires them to receive prior consent from each patient.
To overcome such obstacles, the participants of the meeting have agreed to build a segmented big data system that will enable hospitals to share analyzed impersonal data with downstream companies (e.g., pharmaceutical, insurance), instead of having to directly provide original data with patients' personal information.
An inauguration ceremony took place that day for a segmented big data construction task force, comprised of hospitals, pharmaceutical companies, communications firms, etc.
A biohealth convergence alliance of various entities, such as hospitals, insurance companies and universities, will be in charge of producing a new business model based on big data technology.
The alliance plans to analyze what services currently in demand (e.g., cosmetic products for individual skin types, daily management of chronic diseases) are suitable for utilizing the segmented bio big data system, and thereby develop an appropriate business model and carry out demonstration projects.
Regulations that impede the introduction of innovative services will be reviewed by related government organizations so that the conditions can be improved in a reasonable manner.
To that end, a bio regulation revision ombudsman will be test-operated this year, composed of highly experienced experts from both academia and related industries.
A government consultative group will be formed with the Prime Minister's Office at its center to review the introduction of negative regulations, which allows certain actions in principle and restricts them only in exceptional cases, or adaptive regulation, which begins by establishing only a minimum of restrictions, and incrementally increases the total number of restrictions when it is deemed necessary.
In addition, policy efforts will be focused on using big data technology, such as to develop new drugs, nurture related professional services, invest in R&D at startups, and construct an open-minded innovative industry ecosystem.
The government plans to spend some KRW 2 billion will for one year on an initiative to support bio startups involved in developing new innovative drugs, and operate a special fund for bio startups worth some KRW 38.5 billion, focused on investing in bio firms under 5 years old.
And for the next 4 years, support will also be concentrated on promoting new technologies (e.g., artificial intelligence, 3D printing, robotics, virtual reality) as well as on developing new forms of medical equipment based on the latest advancements in technological convergence.
The government also will also build a business support network for makers of medical equipment, providing lump-sum funding for manufacturing prototypes, using consultation services for commercialization, and finding new customers.
Copyrights Yonhap News. All Rights Reserved.
Reprint or redistribution without permission is prohibited.
Source: Yonhap News (Apr. 17, 2017)