[Issue Interview] "A Life Dedicated to Senior Business... Dreaming of Becoming an 'Aging Influencer'"

Suhyung Kim, Invited Professor, Department of Gerontology, Graduate School of Policy, Inha University

"The domestic silver industry is reaching a new turning point by integrating IoT (Internet of Things) and AI (Artificial Intelligence) technologies. However, many companies still face difficulties entering the market and marketing their products."

On December 24th, Kim Su-hyung, a visiting professor in the Department of Gerontology at Inha University Graduate School of Policy (49), diagnosed the current status of Korea's silver industry this way. In the early 2010s, the market was dominated mostly by simple welfare devices benchmarked from Japanese products, but now smart care products equipped with IoT solutions are emerging one after another. Especially, as new business models combining housing and nursing care rise, the market landscape is changing.

Having walked the "senior business path" for nearly 20 years, he evaluates recent changes positively. "In the past, the market was immature and there were technical limitations. But now, innovative products are pouring out, from systems that automatically check bowel movements with diaper sensors to smart cushions that measure pressure. Policy support such as the National Health Insurance Service’s preliminary payment project for the elderly-friendly industry is also backing this."

Having majored in gerontology at the University of North Carolina Graduate School in the U.S., he foresaw the growth potential of Korea’s silver industry early on. Since Korea entered an aging society in 2000, he studied advanced cases in the U.S. and dreamed of introducing them domestically. "While studying in the U.S., I encountered new models like Assisted Living. It is a residential service for elderly people who can move around but need certain services. Now, 10 years later, these models are becoming a reality in Korea, which is very moving." In the second semester of 2008, while researching the aging process of Asian Americans as a class project at the University of Arkansas where he was majoring in public health, he saw Korea’s future. Professor Kim said, "At that time, Korea was entering an aging society. I instinctively felt that, like developed countries, the elderly population would rapidly increase and the silver industry would become a major future market."

This insight led him to the University of North Carolina Graduate School. "Usually, gerontology departments are located in places with good weather like California or Florida. I was accepted at both the Charlotte and Greensboro campuses of UNC, but Greensboro’s curriculum was special. While other schools focused on welfare, long-term care, and caregiving, Greensboro emphasized senior business." Afterward, he returned to Korea, discovering senior products, teaching students about the silver industry at university, and working in companies to devise strategies targeting senior consumers, thus establishing himself as a "gerontology expert."

Kim Soo-hyung, a visiting professor in the Department of Gerontology at Inha University Graduate School of Policy (49), is being interviewed by Asia Economy. Photo by Park Yoo-jin

- You have observed changes in the silver industry for nearly 20 years. What is the biggest change?

▲ In the early 2010s, most products were simple welfare devices benchmarked from Japan. At that time, there were not many products developed with domestic independent technology. Over time, advanced overseas brands first entered the nursing care field, and then domestic companies began innovating. Especially since 2019, many companies equipped with IoT solutions have appeared. Products such as smart cushions that measure pressure or mattresses that prevent bedsores have emerged, not just simple rubber pads. Of course, there is resistance to the price range, but new attempts like the National Health Insurance Service’s preliminary payment project for the elderly-friendly industry are underway.

- You introduced the Registered Financial Gerontologist (RFG) program to Korea.

▲ In 2010, after returning to Korea, I introduced the Registered Financial Gerontologist (RFG) program at the Future Mosaic Research Institute, founded by a graduate school senior. The RFG program educates financial institution employees not only on retirement planning or inheritance financial planning but also on providing comprehensive services for the elderly, including health, employment, leisure, housing, nursing care, and welfare policies. I conducted courses for students from Woori Investment & Securities, Hana Bank, Prudential, KB Kookmin Bank, and the Korea Post. It was a groundbreaking attempt at the time, and the market response was positive. However, the timing was probably too early. The market was not mature, and interest in the silver industry was not as high as it is now.

- Afterwards, you also worked on discovering innovative products for seniors.

▲ I worked for about seven years at the Seongnam Elderly-Friendly Comprehensive Experience Center. One memorable event was the international symposium held in 2014. It was planned together with the Silver Industry Expert Forum, and 200 people attended, far exceeding the expected 100. We introduced seminars by division such as marketing, nursing care, and healthcare like American conferences, and for the first time included a senior choir performance. I wanted to create an event where seniors, companies, and institutions could come together.

At the experience center, we focused on discovering innovative products. We introduced innovative products such as Blueleo’s oral care products and Carebide, which automatically checks bowel movements with diaper sensors. I also attended overseas exhibitions such as the 2017 Tokyo International Healthcare Technology Exhibition HOSPEX and the 2018 International Welfare Equipment Exhibition HCR to understand global trends and support domestic companies’ overseas expansion.

- Recently, you have shown interest in the education field as well.

▲ From 2021 to 2023, I led the project for training digital transformation professionals in the elderly-friendly industry at the Korea Health Industry Development Institute. In cooperation with Kangnam University and the Seoul 50+ Foundation, we operated courses for current workers and prospective job seekers. It was an attempt to apply a new paradigm of digital transformation to the elderly-friendly industry. For this contribution, I received the Minister of Education Award in 2023. Currently, I teach senior business marketing and senior housing courses at Inha University Graduate School of Policy. Especially, the senior housing course is very popular. Licensed real estate agents, public officials, and bankers take the course and appreciate its practical content that can be applied immediately.

- What is the most promising field in the silver industry currently?

▲ Industries that can develop in forms combining housing and nursing care are promising. I am particularly focusing on the Assisted Living model. It was a topic I researched during my U.S. studies in 2011, and at that time, it did not exist in Korea. It is a residential combined service for people who can move but need certain services. Now, more than 10 years later, actual cases like CareDoc’s 'Care Home' and Caring’s 'Caring Stay' are appearing, which is very moving. I was invited to the opening ceremony of CareDoc Care Home last year and felt that the market is moving in the direction I anticipated.

- What projects are you currently interested in?

▲ I want to continue discovering and promoting changes and innovative cases in the silver industry. Personally, I am experiencing aging and elderly care directly through my father. My father, in his mid-70s, still works in the fields, and I visit him every weekend to spend time together. Since he lives alone and needs someone to talk to, this experience helps me understand the silver industry better.

- What are your future plans?

▲ I want to become an 'aging influencer' who practically helps the aging society. The field of gerontology seems to shine more the more you study it and the older you get. As an expert in this field, I want to contribute to creating a better future.