[Viewpoint] The Regulatory Framework That Puts Innovative Technology to Sleep

Jae-Seung Park, CEO of VisualCamp and Adjunct Professor at Soongsil University.

[Asia Economy Reporter Kwak Min-jae] The importance of personal information protection cannot be overstated. In the data era, new services and industries are born through data sharing. By collecting and refining vast amounts of data, meaningful data provides benefits to people. When data is used well, it becomes a useful kitchen knife; when misused, it becomes a cruel knife that harms people. In the data innovation era, a foolish situation arises in various industries where the fear of the blade leads to tightly locking the door to data sharing. Companies struggle on their own, and related associations or institutions that weigh pros and cons also have much to say. Ultimately, good benefits and services that should return to the public are often hindered by regulations and laws, causing frustration. There is a saying, "Burning down the thatched cottage to catch a flea." Are we perhaps creating a major obstacle on the path to a better world because of regulations like insignificant fleas?

When you open your smartphone, it strangely already perceives your thoughts and automatically delivers content you pay attention to and are interested in like a pinpoint tutor. The so-called recommendation algorithm technology provides such magic. We often experience a mix of curiosity about how it knew and a chilling fear. We forgive that rudeness moment by moment, wrapped in convenience and kindness. In this amazing world, my secrets have long since disappeared.

Among personal information, the importance of medical data cannot be emphasized enough. Because of this, regulations or rules are stronger than any information protection regulation. Due to its importance, precious human medical data is locked in a secret chamber and its use is limited. This is not suitable for the data innovation era. If good data is shared by authorized institutions and companies, new medical services will emerge, the market for better diagnosis and treatment will expand, benefiting patients and allowing the medical industry to expect additional revenue. The medical industry tends to be stubborn due to vested interests. It is time to change now. If delayed, Korea, which has excellent IT technology, may lose opportunities by falling behind the leading group.

In the United States, medical convergence new services are spreading to the extent that PatientLikeMe, a website that anonymizes medication information of patients with rare diseases and sells it to pharmaceutical companies, was acquired by a major US insurer in 2019. In Korea, the collection and use of medical data is only possible through university hospitals or limited institutions after obtaining IRB (Institutional Review Board) approval. The procedures and reviews also take a long time. The cost of collecting medical data is not trivial.

Companies face significant difficulties in data collection due to limits on data access and regulations, even if they have good technology. Improvements in methods and time are realistically in line with trends. It is true that the industry, institutions, and government have long pondered and debated to find a way out for data utilization. Now, some tangible improvements must be realized so that in the 4th Industrial Revolution era, with a shift to knowledge-based industries, related industries can develop and new and innovative industries can be born. Proper and flexible use and sharing of data ultimately benefits not only our people but humanity as a whole. An easy solution might be to follow the regulatory policies of advanced countries. In conclusion, the decision on whether to maintain or abolish regulations should be made from the perspective of the people.