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By Anna J. Park
More medical services will be available in the digital realm, meaning that diverse digital technologies ranging from software applications and games will be applied to practices for treatment and the prevention of diseases.
Samjong KPMG's latest report, which analyzes investment and strategies concerning digital medicine, forecasts that the digital medicine market in Korea will log a 27.2 percent annual level of growth by 2025.
The paper said that the market's growth was spurred by COVID-19, which increased the need for real-time patient monitoring and online prescriptions. Digital medicines are based on clinical trial evidence, using digital-based software, instead of traditional pills or injections, to prevent, treat and recover from diseases. The most widely used technologies include virtual or augmented reality, games, artificial intelligence, big data and brain-computer interfaces (BCI).
The report went on to say that the first digital medicines are expected to be officially launched in Korea during the first half of this year. More than two products are currently in their last phase, awaiting approval by the authorities, aiming to be commercially launched within this year.
While global big pharma companies are already conducting aggressive investments into the area, local pharmaceutical companies, as well as private equity and venture capital firms, have also been gaining an interest in digital-based medicine.
The paper advises digital medicine developers to strengthen competitiveness by setting clear business models, specific market advance strategies and investment attraction strategies.
"The government is urged to set up effective guidelines to support the development of digital medicine in the country, as the first commercialization of digital medicines is set to be launched in Korea soon," an official from Samjong KPMG's healthcare industry sector noted.
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