Gangwon-do Emerges as a 'Precision Medical Industry Hub'

The Nation's Only 'Medical DATA Utilization Regulatory Free Zone' Designated

Gangwon Precision Medical Industry Regulatory Free Zone [Provided by Gangwon Province]

[Asia Economy Reporter Ra Young-cheol] With Gangwon Province being designated by the government as a 'Regulatory Free Zone for the Precision Medical Industry,' Gangwon has gained a competitive advantage in leading the domestic market for the 'Precision Medical Big Data Industry,' which it is fostering as a future strategic industry.

Gangwon Province announced on the 2nd, "Following digital healthcare and the liquefied hydrogen industry, the additional designation of the 'Regulatory Free Zone for the Precision Medical Industry' has established a foundation for nurturing the precision medical big data industry, a core digital New Deal policy of the province."

The Regulatory Free Zone system, introduced in April 2019, allows companies to freely demonstrate and commercialize new technologies and products of the 4th Industrial Revolution without being constrained by regulations.

This has legally established the use of big data, a core foundation of the precision medical industry, raising expectations that Gangwon will become the only domestic region for the influx and expansion of innovative companies such as startups and ventures, as well as for the utilization and demonstration of medical data.

According to the province, within the Gangwon Precision Medical Industry Regulatory Free Zone, a total of 19 zone operators have been granted three special exemptions to pursue the development of four precision medical AI solutions and the demonstration of two new medical technology evaluations.

From next year, 10 billion KRW will be invested over four years from national, local, and private funds.

Since 2019, the province has been promoting the construction of the 'Precision Medical Big Data Service Platform' and the 'Lifelog Big Data Integration Platform.'

Additionally, in the 'K-CLOUD PARK' planned to be established on the site of the Chuncheon thermal energy convergence cluster, seven policies across three fields are being pursued to foster the precision medical big data industry.

The province plans to secure a total project budget of 154.3 billion KRW by attracting a precision medical startup support center and an artificial intelligence hub center by 2023.

Kim Myung-jung, Deputy Governor for Economic Affairs, stated, "We will develop Gangwon Province into the 'Mecca of the Precision Medical Industry' to attract 200 medical-related companies and create 3,700 jobs by 2027."

Meanwhile, the Ministry of SMEs and Startups selected four new regulatory free zones from 28 zone plans submitted by 12 metropolitan local governments: Gangwon Precision Medical Industry, Chungbuk Green Hydrogen Industry, Chungnam Carbon Reduction Construction, and Gyeongbuk Smart Green Logistics. The designation was finalized on the 1st after the Regulatory Free Zone Deliberation Committee meeting on the 24th of last month.

This content was produced with the assistance of AI translation services.