[Future Medical] K-digital healthcare that stretches out, attention to overseas expansion
Some expect that future medical will be combined with information and communication technology to develop in the direction of personal, customization, and prediction, but this lacks explanation. In the face of rapid or hostile changes such as new infectious diseases, climate crisis, and the Fourth Industrial Revolution, we start to worry with the industry, academia, and research. [Editors]
Digital healthcare companies in Korea are stretching to enter and settle overseas. It is thanks to the company’s supporter, which will support Korean companies that lack funds and know-how with their own technology, such as their own technology.
The International Medical Strategy Team ICT Convergence International Medical Team has played a role in the supporter. ICT convergence international medical teams include ▲ support for overseas expansion of ICT-based medical systems ▲ ICT-based foreign patients’ pre-counseling and follow-up ▲ Digital healthcare global partners and overseas market development.
In particular, the ICT-based medical system overseas expansion support project has been promoted since 2016. The main contents of the project include the development and pilot project of the ICT-based medical system overseas business model, follow-up support such as selection, monitoring, and performance management, and supporting digital healthcare overseas markets.
It was a good choice for the Korea Promotion Agency to pursue related business before the global digital healthcare market was attracting attention as it was now. The global digital healthcare market is expected to grow by an annual average of 18.8%from $ 152.5 billion in 2020 to $ 58.8 billion in 2027.
The ICT-based medical system overseas expansion support project is being promoted in three directions, including the development of new business models, support for pilot projects, and follow-up support for excellent pilot projects. The results are also good. We signed a business agreement with UCIS with Medcare Medical Group, and also developed Peru’s local data-based solutions and developed markets.
In addition, ‘Dine Technology’, which was supported by the Agency, entered the United States to achieve insurance claims. In addition, remote medical services were provided to Uzbekistan Cocant Hospital. In addition, the main projects include ▲ Vietnam Mobile Health Care Service, MOU with local Hospital ▲ Order of EMR construction project for children’s hospitals ▲ Providing remote consultations with children’s hospitals and promoting remote consultation commercialization MOUs.
In connection with this, overseas patients with non-face-to-face care are also performing well. As the restrictions on moving between countries have been prolonged due to Corona 19 Fan Demicks, non-face-to-face medical care is being actively underway to strategic countries such as Russian CIS countries, Vietnam, and Mongolia.
Baek Seung-soo, head of the International Medical Team at the ICT Convergence Team, said, Before surgery in our country, a pre-question is made based on ICT, and patients are performed quickly when entering Korea. After surgery, follow-up management is based on ICT..
This year alone, Samsung Seoul Hospital, Seoul Asan Hospital, and Sungkwang Medical Foundation carried out the project. Baek said, In terms of medical tourism, smart and leading customer-friendly images are made, so the patient’s response is very positive.
There are many reasons for the development of digital healthcare projects for the Promotion Agency. First of all, in the US and Europe, the market size is large, but there is a barrier to entry with Red Ocean. On the other hand, Russian CIS countries, Vietnam, Mongolia, Peru, and Uzbekistan are ‘Blue Ocean’ in the digital healthcare field.
Baek Seung-soo said, We cannot abandon the US and European markets, but the competition is strong as global top-tier companies are winning. We are planning to advance by strategically.
For example, the Uzbekistan government has established a digital healthcare plan for the next five years from this year. There is another reason why the Uzbekistan market is especially important. After the Ukrainian war, the number of overseas expansion through Uzbekistan has increased, resulting in a growing strategic importance of the region. Baek Seung-soo said, Uzbekistan has a high preference in Korea and has a high demand for digital healthcare.
As such, the global digital healthcare market is expanding, but the situation of domestic companies is still light. According to a survey of 363 related companies through the 2021 company survey by the Digital Healthcare Association, 40%of the respondents said that sales were less than 500 million. In addition, ▲ 1 billion ~ 5 billion won 19% ▲ 5 billion ~ 10 billion won 11% ▲ 50 billion won 2%. 14%of the respondents said that sales have not yet generated.
In addition, 38%of the total respondents said that sales were generated after two to three years after the company’s establishment. Next, ▲ 4-5 years 24% ▲ 20% less than 1 year ▲ 6% for more than 10 years. Considering the poor financial structure and the first sales, the government’s leading support is essential for fostering the digital healthcare industry.
In this situation, the reason why the Agency strongly recommends and supports overseas expansion was that the domestic market is not yet sexually cast. Baek Seung-soo said, It is essential to create a foundation and environment where companies can go persistent in consideration of the characteristics of the digital healthcare sector, and induce corporate investment.
To this end, the Agency is preparing for a road show with our digital healthcare company in the US and Germany as well as the Digital Future Prospect and Overseas Expansion Strategy in the fourth quarter. Baek emphasized that We expect a successful case to match domestic companies with global companies.