Monday, October 12, 2020

My Own Medical Service

 

My Own Medical Service

 

 


Zero to Infinity

 

Zero health care to Smart Healthcare in two generations.  At the end of the Korean war in 1953, Korea was impoverished country with virtually no access to healthcare.  Today, modern hospitals and healthcare facilities have been established in every corner of the country and all citizens are protected by a national insurance scheme.  Patients come from overseas for high quality, affordable treatment.   The healthcare industry in 2017 was US$ 6.4 billion with a growth rate at a constant 16%. 

 

 

The medical industry is growing driven by three primary factors; an aging population, universally available healthcare through the National Health Insurance Service and concern for future pandemics.

 

Growth Factors

 

One of Korea’s concerns for the future is the aging population. Korea Statistic announced with the current growth rate, by 2045, Korea will have the highest population over 65. As the population ages, the need for advanced and sufficient medical supply will be a crucial issue.

 

The National Health Insurance Service provides affordable medical service for all. As the health service is cheap, it provides the public with access to more medical services leading to more use of medical supplies and services. There is a joke that some seniors visit the hospital for check-ups every few days just to talk with someone.

 

We have witnessed COVID 19 and how it has affected our daily lives. As the world becomes more crowded, advanced, and developed, we cannot underestimate the possibility of another crisis. The need for medical supplies and a system to prevent other infections requires the medical industry to develop. With the development of big data and the many software programs to process it, the medical information field has grown, providing the possibility to customize medical services.

 

Customized Medical Service

 

The Ministry of Health and Welfare (MHW) announced plans to develop personalized medicine technology in 2016 with information data as a steppingstone.  Personalized medicine is defined differently by different countries. The Ministry of Food and Drug Safety defined personalized medicine as drug or drug usage considering a person's genotype. However, following changes in the industry, the definition has expanded. A collection of information such as DNA, diagnosis, clinical information, and personal habits are evaluated to customized medical service while increasing the precision of diagnosis and treatment.

 

To develop Personal Health Records (PHR) which will be the basis of personalized medicine, the government is starting the National Bio Bigdata Demonstration Project,' which will collect DNA and clinical data from over 20,000 individuals to be used for personalized medicine, new medicine and other researches.

 

Decision Maker for My Health Service

 

Health care AI is becoming mainstream as it will provide many health decisions when medical bigdata is applied. However, there are several concerns about using this technology.

 

The first concern is limited data. Most health care data can be collected from health insurance, check-ups status, and individual hospital databases. This information is related to public organizations that have severe restrictions making it hard to collect or distribute data. Moreover, it is difficult to access or use these data due to the Personal Information Protection Act. The second is the possibility of exposing personal information. Individually the data may not be identifiable, but collecting massive data and combining the personal data might reveal individual information.

 

Even with the rapidly changing industry, developments in the domestic AI sector is still under performing. The slow AI development is due to the limited number of advanced AI developers, which leads to slow growth in AI programming as well as the platforms needed to access and distribute it. Moreover, there are also moral issues regarding the responsibility of AI decisions.  When there is a medical error, who will be responsible?

 

To Infinity and Beyond

 

Korea already has a standardized medical healthcare system and a stable medical industry. Medical health bigdata will be refined by the AI system exclusive for health care. There are a few obstacles, such as AI development and medical data regulatory issues, but with continuous development, Korea will soon have a health care system that is customized to each patient and provides personalized medicine.

 

 



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Thursday, September 24, 2020

Flying machines

 


Source: pixabay

 

Regulations:

Domestically, the drone is defined in the law as an Unmanned Aerial Vehicle System and Unmanned Aircraft System.

Regulation issues in Korea are the biggest obstacle to the drone industry. In 2017, the government introduced a program to support drone manufacturing companies providing them with benefits, but there are still limitations on the actual use of drones.  The regulations changed again recently with the new Drone Law that allows close to no restrictions on drone usage in selected cities. Even though the drone industry had a late start, the liberalized regulations will open up opportunities in the future.  

Experts predict that the domestic market will grow rapidly as regulations are relaxed and conglomerate invest in the market. Korea is a late starter compared to other countries and the technology might be a bit lagging. However, if the government, cooperates with private companies with the right technology, it will bring positive results.

Based on an article in the Maeil Business Newspaper, the government has composed a three-stage road map to reduce regulations as well as to provide financial support in order to facilitate the safe development of an advanced drone industry. The first step is to develop technology where manually controlled drones can transport weight up to 10kg in non-urban areas. After 2022, semi-automated drones will transport 50kg or more in urban areas. Lastly, after 2025, autopilot advance drones will be able to provide transportation for two or more people. 

The government believes that advanced drones can improve many industries but the most significant change is assumed to be in the agricultural industry.  Most investment is aligned with this belief.

 

Focus of Investment in Advanced Drones

 


Market Potential:

Source: Ministry of Land, Infrastructure and Transport

 

Conglomerates are entering the market as they see the potential that drone technology can create. Major logistics companies are investing in the market and network companies are also looking for possibilities. Hyundai Motors announced that they are planning for commercialized drone taxis by 2023. The current market is focused on military use drones, but experts predict that the market will soon shift to agriculture, content, and construction.  

 

Estimated drone market size:

2016

2022

2026

70

1,400

4,400

Source: Ministry of Land, Infrastructure and Transport

Unit: KRW Billion

Competing with the two large markets of the United States and China, domestic manufacturers will have offer [or 'bring to the table'] unique value added.  While Chinese manufacturers will be able to offer price competitive products given their established supply chain, Korean firms will need a different strategy. For example, they could promote drones that support care and guidance for the elderly or gaming content.  Developing essential parts for drones should also be a priority.  The potential for the drone industry is unlimited. Another related area where Korea's future is bright is the autonomous vehicle industry. 




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Friday, September 18, 2020

No Need to Drive

A long anticipated revolutionary change to travel is the advent of the autonomous (also known as self-driving or auto pilot) vehicle. 



Source: pixabay 


Korea – a Developed Automotive Country.

 

Korea has developed a strong automotive industry. No one would have believed that Korea could be a successful in the automobile business back in the 1980s. Now Korea is known for vehicle manufacturing and Hyundai Motors was ranked 6th by brand value in the automobile industry by Interbrand in 2019.

 

In 2015, when vehicle and parts production decreased with the economic slowdown, Korea started to look to the future and advance technology for future cars such as electric, fuel cell, and self-driving. By 2018, the government announced support for the development of self-driving vehicles. In October 2019, the government also announced that Korea would be the first to establish the infrastructure for autonomous cars with advance policies, networks, roads, traffic control and detailed virtual map by 2027.  It promised support to localize companies and technology for the infrastructure’s core components

 

New Automobile Era

 

There are other considerations for the upcoming self-driving vehicle era. There are various factors that must be developed to achieve a comprehensive self-driving vehicle ecosystem. Electric vehicles, auto pilot software and information sharing platforms are some of the major components that must be developed.

 

The potential of the Korea autonomous vehicle industry still needs development in software and investment in high-tech technicians. On the other hand, there are already in play plans related to vehicle development, ICT industry and transportation infrastructure which are considered Korea's strong suit.

 

Market Size

 

According to an estimate by KPMG, the domestic self-driving vehicle market in 2020 was KRW 150 billion. The annual expected growth rate is 40% and by 2035 it is estimated that the market will reach KRW 23 trillion. This market not only includes the vehicle, but also advance roads, object recognition technology, edge analytics and other industries which will directly affect the self-driving vehicle market. 

 

The upcoming market for automobiles will change dramatically and it will require more than just the effort of major vehicle production companies to maintain the current market. The government will need to provide advanced roads and infrastructure while platform companies need to keep information flow ongoing. The technology for sensors, reactors and AI software is another crucial factor. Korea is preparing to be challenged by unknown obstacles ahead.  





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Tuesday, September 8, 2020

Next Generation Network

 




 

Network infrastructure

 

Korea’s advance network was made possible by a robust IT Infrastructure and concentrated population density. Close to 50% of the population lives in the Seoul Metropolitan area, which makes free, high-speed Wi-Fi more feasible to deliver than in other demographics.

 

The current developed network infrastructure was initiated with the National Basic Information System (국가기간전산망) in the 1980s, an investment to prepare for the information/digital era. This system was initially installed to connect public, financial, medical and other services. Since 1995, as the demand for high-speed internet increased, the government invested in the high-speed internet network, expanding connection of initial 80 locations to over 140. Also, one major component was the implementing a backbone fiber optic cable infrastructure which boosted internet speed to a high level in the late1990s. As the whole country was connecting through the internet and with the Korean culture of urgency (Korea is known for its ‘bbali bbali’ or fast faster culture), demand grew and competition to provide cost-efficient faster internet speed increased.

 

Korea fastest internet

 

Korea was one of the first countries in the world to invest in high-speed internet infrastructure and quickly developed a reputation for fast access. From 2017 to 2019, Korea was ranked no. 1 in the world for internet speed. Recent research shows that Korea's rank for internet speed has dropped to 30th.  Other countries have recently developed and established 3rd and 4th generation communication networks which are more advanced than what Korea has.

 

However, Korea has continued to invest in network technology and is investing in 5G.  . Wireless communication is quickly replacing traditional wired telecommunications. With the new technology, the goal is to re-achieve the unequivocal title of fastest internet

 

Telecommunication Market size



Source: Statistics Korea

Units: KRW billion

 

 

5th Generation Communication Network

 

In April 2019, Korea was the first country to launch a commercialized 5G network. Achieving the title of no.1 commercialized 5G network was possible as the telecom companies and electronics companies collaborated to achieve this single goal. A few weeks after the launch, according to internet speed testing webpage Ookla, mobile internet speed in Korea became the globe's fastest. Within a year, the three carriers, SKT, KT and LGU+, offer coverage within the metropolitan area of 50% to 60% with a max speed is 1.8Gps and an average speed of 500~900Mbs. Based on market research by RootMetrics, in the U.S., the top coverage within the major city area is less than 10% and the max downloading speed is 780Mbs. 

 

However, there are downsides to a 5G network. The coverage, content and cost for 5G service still needs improvement. 50% ~ 60% coverage will not satisfy the existing consumers even if it is significantly higher than other global 5G network standards. The price for 5G service is higher than 4G and consumers must also purchase \mobile devices with the capability to access 5G network adding to the cost that customers must bear. Another issue is content. While 5G networks can provide unique content, the domestic market cannot produce enough 5G content that is superior to that of 4G networks. The hope is VR/AR contents, cloud gaming and big data platforms to be released.

 

 

The Next Generation Communication Network.

 

6G communication network development is already in process. A source from the Institute for Information and Communications Technology Promotion (IITP) stated that 6G technological tests are in the approval stage. After 2021 they will be able to develop the technology under a government grant. The initial development of 6G technology was launched later than China and the US, which started around 2018. One of the key players of 5G technology, Samsung Electronics, announced that they have started investing in 6G technology and will be able to commercialize it in 2028 and believe it will be commonplace in 2030. Unlike the focus of 5G which was solely on performance, 6G has three focuses, collaborative performance, structure and credibility.  

 

Powerful Network Country

 

The value of the communication network is expanding rapidly. Applying new technology requires a massive volume of information to be transmitted and the network provides the pathway. Korea is well known for its network infrastructure and has gained an enormous amount of success from it. Moreover, Korea is known for preparing for the next generation such as the first launch of 5G. Now the spotlight is on 6G. The three telecom providers are committed to providing the best wireless service to customers, no STRINGS attached!






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서울시종로구새문안로92 광화문오피시아빌딩, 1705Tel: +82-2-737-3222,  http://www.ircconsultingkorea.com