The South Korean government believes 'big data' is the key to fostering the bio-health industry.
Science and economy-related ministries announced on Wednesday that local companies in the field will be supported from production to selling.
And the first step, which is technical development, involves big data.
The ministries aim to collect medical information on around 1 million people by 2029 such as information on patients suffering from cancer.
Through this, the government expects to not only find out the cause of rare and incurable diseases but also develop new medicine.
Officials will manage collected data by designating data-centered hospitals.
Artificial intelligence will also be used to come up with a platform for the development of new medicine which is expected to cut costs and save time.
The government aims to speed up the entire process by shortening the approval process for medicine and medical devicesand providing startups with networking opportunities.
As for why the industry should be fostered at this timeministries pointed out that its growth forecast until 2030 is brighter than other traditional sectors such as auto and the number of jobs has also increased.
People working in the bio-health industry welcomed the news saying that they will support the government's plan of boosting the economy.
Ko Roon-hee, Arirang News.