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Strategies for Creating New Bio-Health Markets

  • Date : 2023-03-13
  • Hit : 1177

Strategies for Creating New Bio-Health Markets

During the inter-departmental meeting on market-making strategies for new bio-health held at the Cheong Wa Dae Yeongbingwan (the State Reception Hall) on the morning of Tuesday, February 28, the Ministry of Health and Welfare, led by Minister Cho KyooHong, reported to President Yoon Suk Yeol on its strategies for creating new bio-health markets.

In line with President Yoon's orders to plan bio-health and digital healthcare development, the government has come up with the new bio-health market-making strategies, made up of five core tasks*, to attain the objectives of making new digital markets and activating bio-health exports.

* Innovation of Data-driven medical, health, and care services; activation of exports of the bio-health industry; Ramp up of R&D in advanced convergence technologies; development of advanced bio-health experts and increase of startup support; establishment of laws, frameworks, and infrastructure

The bio-health industry is a promising new industry expected to advance by leaps and bounds owing to the shift in the healthcare paradigm of providing patient-centric services that integrate medicine, health, and care services, in addition to advances in digital and convergence technologies.

As new markets such as the digital healthcare market expand, various countries are keen on gaining market leadership by forming national strategies and boosting R&D funding.

With its vast stores of valuable medical data and advanced ICT, S. Korea has what it takes to lead and innovate the bio-health market, and is particularly competitive in nascent markets still without global leaders such as the digital healthcare market.

※ Please refer to the attached for further details

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