While AI used in Healthcare is most prevalent in the US and China, a market research firm “Insights10” projects growth in this sector from $0.1 billion in 2022 to $2.11 billion by 2030 in Korea. The growth is fueled by the Korean government, the MOHW, and the MFDS. These government entities have designated AI and digital technology as key drivers for the future of the Korean healthcare market. In May, the US FDA and Korean MSDF signed a Memorandum of Understanding to support AI use in medical technology. In April, the MFDS issued a comprehensive plan supporting advanced medical technologies, including AI. Designated AI products will experience expedited approval.
Korea’s medical AI growth is illustrated in a number of areas. One area includes radiology scans where two Korean companies Vuno and Lunit have utilized AI, leading to better diagnostics. Moreover, several Korean pharmaceutical companies have embraced AI as a tool in their drug development. Finally, healthcare institutions across Korea are taking advantage of the power of AI in their daily operations.
Written by: Ames Gross – President and Founder, Pacific Bridge Medical (PBM)
Mr. Gross founded PBM in 1988 and has helped hundreds of medical companies with business development and regulatory issues in Asia. He is recognized nationally and internationally as a leader in the Asian medical markets. Mr. Gross has a BA degree, Phi Beta Kappa, from the University of Pennsylvania and an MBA from Columbia University.
Source used in the article: https://aiforgood.itu.int/covid-19-how-korea-is-using-innovative-technology-and-ai-to-flatten-the-curve/