Why this is important to Wisconsin businesses: Wisconsin companies using artificial intelligence in biotechnology may find opportunities to collaborate.
South Korea wants to be a leader in the use of artificial intelligence (AI) in life sciences.
According to Market Value Insight, South Korea’s overall AI market is expected to grow tenfold over the next decade, from $2 billion in 2022 to nearly $20 billion by 2032.
In health care alone, the country’s AI market is projected to increase from $0.1 billion in 2022 to $2.1 billion by 2030, according to Insights 10. South Korea’s government has invested in research centers and AI-related health care projects—partly as a way to reduce the burden on health care workers. The country’s population is aging, and older residents are straining the health care system, Insights 10 says.
South Korea also signed an agreement with the U.S. Food and Drug Administration in May to accelerate the development of medical products that use AI.
AI is being used in South Korea for medical imaging technology, to create individual treatment plans, and to create models that will predict a person’s susceptibility to certain medical conditions. In addition, robots are being developed to deliver medicine, serve as companions to elderly patients, or to help with cleaning and sterilization, according to Insights 10.
The Korea Bio Association says that while there were only five instances of AI-driven new drug development and research collaborations in 2019, as many as 40 companies are now involved in those activities, four years later.
Prominent players in South Korea’s thriving bio market—including Yuhan Corp., Daewoong Pharmaceutical, Hanmi Pharmaceutical, HK Inno.N, and JW Pharmaceutical—have adopted AI technologies or collaborated with other research institutes to spearhead the development of new AI-driven drugs.
Some companies also are expanding into international markets. South Korea-based Deep Bio has received approval for its AI-related prostate cancer diagnosis support software from Switzerland. Meanwhile, JLK, a company specializing in AI solutions for medical diagnosis and image analysis, is preparing an application for U.S. Food and Drug Administration approval.
Wisconsin companies involved in AI uses for biotechnology may find promising opportunities to broaden their presence in the South Korean market through collaborations with pharmaceutical companies, joint research and development, or by exporting their products to South Korea.
