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South Korea poised to become MEDICAL AI POWERHOUSE
BioSpectrum Asia
|BioSpectrum Asia Sep 2023
When it comes to Al (Artificial Intelligence) in medical sciences - China and the USA dominate the field. However, South Korea has been steadily catching up. Home to renowned tech giants such as Samsung and LG Electronics, South Korea is positioning itself as a significant player in the medical Al domain. The country is making remarkable strides in deploying Al for medical imaging, diagnostics, drug development and healthcare. Let's look at South Korea's efforts in becoming a medical Al powerhouse.
South Korea is ramping up efforts to bolster AI development in life sciences.The country is implementing strategic initiatives, with a key focus on robust regulations. The country is actively revising its regulations in the AI domain to foster progress in this field. In May 2023, the Ministry of Food and Drug Safety of the Republic of Korea (MFDS) and the United States Food and Drug Administration (USFDA) signed an MoU to accelerate medical product development using AI. In April 2023, the Ministry of Health and Welfare in South Korea introduced ‘The 1st Comprehensive Plan for Development and Support for the Medical Devices Industry (2023~2027). The plan’s key objectives include facilitating market entry for innovative technologies such as AI and digital solutions, rationalising regulations and systems, and promoting innovation among corporations in the medical devices sector.
South Korea along with experts from the UK and Singapore released a global guide for the use of artificial intelligence in medical care in 2021. The guide is designed to act as a benchmark for the liable use of AI, and enhance clarity and high standards for technological applications in the healthcare sector.
“Korea boasts a well-structured healthcare system, fostering active endeavours to enhance it through AI technology and expedite the adoption of precision medicine. Notably, major companies from various fields other than the healthcare industry have begun investing significant capital in bio-health and medical technology innovations. Moreover, both established pharmaceutical and medical device companies, as well as rapidly emerging medical startups, are fervently engaged in research and development (R&D) for innovative technologies and services. As a result, Korea’s medical AI market is experiencing rapid growth,” said
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