GW Biotech and Hanguk Cloud have signed a business agreement to enter the digital healthcare sector.
(From left) Jae-wook Kim, Head of Business at Korea Cloud, Jaewon Yang, CEO of GW Biotech. / Photo by GW Biotech
GW Biotech announced on the 4th that it signed an MOU with Hanguk Cloud to integrate digital healthcare in the era of AI solutions.
Through this agreement, both companies agreed to do their best in their respective roles to jointly capture the digital healthcare market and ensure the stable progress of future new businesses.
GW Biotech currently operates a specialized bio-technology research institute, providing integrated consulting services by analyzing multiple omics data such as genomics and metabolomics. Their goal is to go beyond precision diagnosis to predict diseases and discover new drug candidates for precision medicine tailored to individuals. They plan to strengthen their capabilities in digital healthcare by integrating AI systems in the future.
According to a report by the Korea Information and Communication Industry Promotion Agency, the digital healthcare market size is expected to grow significantly to $657 billion (approximately 813 trillion KRW) by 2025. The compound annual growth rate from 2019 to 2025 is projected to reach 12%. Furthermore, venture capital funding is expected to total $30.7 billion (approximately 38 trillion KRW), primarily in the order of telemedicine, data analytics, mobile health apps, well-being, and wearable sensors.
Shin Sang-hoon, Executive Director of GW Biotech, said, “The development and investment speed in the digital healthcare sector has accelerated since COVID-19,” adding, “We believe that by combining our diverse bio services with AI technology, we can contribute to creating a new bio healthcare market.”
Meanwhile, Hanguk Cloud, which signed the agreement, is a company that provides various IT solutions based on leading AI technology, utilizing cloud computing and digital edge technology. From 2022 to 2026, it has been participating as the lead research and development institution in government AI-related R&D projects, carrying out tasks worth a total of 8.5 billion KRW. It also develops and consults optimized CRM solutions for public institutions and various companies, and jointly promotes various solution platform development projects such as search and classification for logistics automation, voice AI-based online shopping, and voice-based smart living.
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