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A new growth engine in the era of the fourth industrial revolution, the smart healthcare industry

Author Hwang, Wonsik ; Choi, Younhee Date 2017.03.20 Issue No 12
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The smart healthcare industry is an important new growth engine in the era of the fourth industrial revolution.  

○ The smart healthcare industry is a convergent industry among ICT, mobile technology, healthcare and medical service industry. The ecosystem of this industry is composed of various firms and institutes, for example the manufacturing and software industry, telecommunication companies, and hospitals.

 

Measures to turn the smart healthcare industry of Korea into a new growth engine are being pursued in various Ministries, but Korea is lack of a social acceptability. 

Korea does not have enough legal and systematic grounds to invigorate the smart healthcare industry. And the nation has a weak international competitiveness as a revision of relevant legislation is delayed due to social division. 

 

The smart healthcare industry has an unbalanced ecosystem, and its growth is stagnant.

The number of firms in the smart healthcare industry increased, while the total sales of relevant firms remained stationary. Most sales come from firms in the hardware or platform industry.

In regard to supply value chain, contents development and service supply sector are composed of financially vulnerable and small SMEs. In fact, the ecosystems in those sectors have declined.

  

In order to invigorate the ecosystem of the smart healthcare industry, it is necessary to come up with a strategy to improve relevant legislation and consider supply value chain.

In regard to policy to promote the smart healthcare industry and to invigorate industrial ecosystems, it is important to focus on “the improvement of legislation and systems” rather than financial support.

It is necessary to overcome the unbalanced ecosystem of the smart healthcare industry of Korea and to promote a balanced ecosystem by providing with consumer-based and various services.