S. Korea to set up guidelines to help domestic digital healthcare companies export AI products

By Park Sae-jin Posted : June 13, 2023, 14:01 Updated : June 13, 2023, 14:01

[Gettyimages Bank]

SEOUL -- South Korea's drug ministry will set up guidelines for domestic digital healthcare companies so that they can target customers and plan their strategies accordingly based on various countries' unique regulations and business environments.
Boosted by the accelerated research of artificial intelligence (AI) technologies, smart medical and healthcare solutions are being developed one after another. AI-based health-related solutions help doctors detect diseases more quickly and accurately, or assist individuals to manage their health conditions by providing information and directions that are tailor-made to each user.
According to Facts & Factors, a market analysis firm, the global digital health market stood at $195.1 billion in 2021 and is growing at an annual average growth rate of about 16 percent to reach $780 billion by 2030. South Korea has a digital health market that is projected to reach $4.1 billion by the end of 2023. The domestic digital health market is predicted to grow at an annual average growth rate of 7.94 percent to reach $5.6 billion by 2027.
The Ministry of Food and Drug Safety said that the ministry is working with its Singaporean counterpart to jointly develop guidelines that would work for both regulation-governing bodies. The South Korean drug ministry and Singapore's Health Sciences Authority held two meetings on June 7 and 9. Regulations and guidelines will be adjusted by the first half of 2024, the drug ministry said.
"We will strengthen cooperation between countries to have South Korea lead the establishment of global digital healthcare technology-related regulations," a drug ministry official said in a statement on June 12. 
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