‘Even if Korean medical device market grows, foreign companies take most profits’ < Device/ICT < Article

‘Even if Korean medical device market grows, foreign companies take most profits’ < Device/ICT < Article
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As Korea’s medical device market grows, foreign companies profit most from such expansion, said Professor Sun Kyong of Kyung Hee University during a forum at the National Assembly Monday.&#13
As Korea’s medical device market grows, foreign companies profit most from such expansion, said Professor Sun Kyong of Kyung Hee University during a forum at the National Assembly Monday.
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Although the Korean medical device market grows rapidly, foreign companies, not domestic firms, take substantive profits, an expert pointed out Monday.

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Sun Kyung, a special professor at Kyung Hee University, said so during a forum to discuss the innovative growth of medical equipment at the National Assembly. “The domestic medical device market and the domestic businesses should grow together,” Sun said.

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Explaining major policies pushed by the Ministry of Food and Drug Safety to develop the Korean medical device industry, Sun noted that the government pushes to make the bio-industry a second growth engine following semiconductors.

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“The incumbent government puts particular emphasis on medical devices. For the industry to become the next growth engine, it should earn money,” the professor said. “However, only the domestic market grows without the corresponding growth of domestic makers, indicating it has a structure where foreign companies reap profits.”

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Noting that the government has a very optimistic scenario about the healthcare industry, including medical devices, Professor Sun pointed out there could be a pessimistic future, too, expressing concerns about the health divide caused by different income and educational levels, regions, and social classes.

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“Worldwide, cooperation between medical professionals and engineers is regarded very important in the medical equipment sector,” he said. “However, foreign companies take the lead in most cases. From now on, I hope to see more examples of Korean companies making global hit products and the whole world using them.”

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Ra Gun-ho, director of Naver Healthcare Research Institute, said if the government eases regulations a little, Korean companies will lead the global medical equipment industry at the same forum.&#13
Ra Gun-ho, director of Naver Healthcare Research Institute, said if the government eases regulations a little, Korean companies will lead the global medical equipment industry at the same forum.
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Industry executives share the concern.

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“The biggest domain of the medical equipment industry is healthcare service. So, for instance, the global sensation of ChatGPT also has a great possibility of application to healthcare,” said Ra Gun-ho, director of Naver Healthcare Research Institute. “We have the experience of grafting our meeting minute preparation program, ‘Clover Note,’ to a nursing record transfer program. As a result of using the program at Sun Chun Hyang University Hospital, it showed a 98 percent precision rate.”

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Ra explained that as recently as in early 2021, it took 15,000 hours to make a nursing record transfer program. However, thanks to the sophistication of machine learning technology, they could turn the program into voice data in 300 hours.

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“Even more interestingly, the nursing program was made by oncology department wards, but it saved the efforts of other departments, such as neurological or cardiothoracic departments, to make separate nursing programs,” he added.

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Pointing out that in domestic healthcare, current artificial intelligence technology can solve medical practices where Korean and English are mixed, he said the technology is improving so well that local governments are using it in dementia relief centers.

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However, Ra expressed concerns about protecting domestic companies in the service sector, including the medical device industry, in the future.

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“Few countries worldwide have their search engines,” Ra said. “If the government opens the way a little wider in terms of regulation, the Korean medical device and artificial intelligence industries will lead the world.”

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Health care capitalists want to see profits, not just cool ideas : Shots

Health care capitalists want to see profits, not just cool ideas : Shots

The Westin St. Francis San Francisco on Union Square hotel hosted this year’s JPMorgan Health care Conference — the first due to the fact the onset of the coronavirus pandemic. (Darius Tahir/KHN)

Darius Tahir/KHN


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Darius Tahir/KHN


The Westin St. Francis San Francisco on Union Square lodge hosted this year’s JPMorgan Healthcare Convention — the very first considering that the onset of the coronavirus pandemic. (Darius Tahir/KHN)

Darius Tahir/KHN

SAN FRANCISCO — Health and fitness care’s business enterprise course returned to its San Francisco sanctuary very last week for JPMorgan’s once-a-year wellness care confab, at the gilded Westin St. Francis resort on Union Square. Right after a two-year pandemic pause, the temper amid the executives, bankers and startup founders in attendance experienced the aura of a reunion — as they gossiped about promotions, function-from-residence routines, who’s obtaining what investments. Dressed in their capitalist very best — ranging from fantastic-blue or pastel-purple blazers to puffy-coat stylish — they thronged to significant events held in artwork galleries and dining places.

But the social gathering was tinged with new anxiousness: Would the huge revenue invested in health care thanks to COVID-19 continue to circulation? Would traders request to see outcomes — meaning revenue — rather than just cool thoughts?

The buzzy meeting had just as quite a few phrases about revenue as about sufferers. The primarily maskless crowd spoke English, French, Japanese — and, of training course, cash.

Other than the corporate and expense varieties, attendees routinely noticed astonishing characters — like celebrity doctor Mehmet Oz, new off his Senate loss, holding court docket in the lobby on Jan. 10.

If the vibe in the hotel’s congested halls was upbeat — or, at least, cheery — beneath there was a frisson of nervousness as all were aware that the wellness care organization bonanza appears to be slowing down.

The conference started out with a sidewalk protest of pharmaceutical company Gilead Sciences, whose drugs combating HIV and hepatitis C are fabulously helpful — and fabulously costly. Throughout the pandemic, Congress for the initial time has set up a program to allow Medicare to negotiate U.S. drug price ranges, which are by much the best in the earth. In a statement, company spokesperson Catherine Cantone stated Gilead is the premier personal funder of HIV programs in the U.S., introducing, “Gilead’s role in ending the HIV and hepatitis epidemics is to discover, acquire, and make sure access to our lifetime-preserving medications.”

‘A tricky year’

Then there is the economic environment, which is turning treacherous. Journalists at financial publication Bloomberg diagnosed a lack of thrilling discounts. Startup executives — who previously observed tens of millions of pounds in investments simple to come by — seemed obligated to present final results in their impromptu pitches in bars and coffee outlets. Small business executives of all stripes promised they either presently manufactured profits or were being about to … shortly.

“I think this is a tough calendar year,” mentioned Hemant Taneja, CEO of the undertaking money organization Normal Catalyst, in the course of one particular panel. He suggested that big swaths of well being tech startups ended up overvalued and that their customers will be much more fascinated in no matter whether they are basically delivering beneficial expert services.

The new concept from prospective traders was very clear. “The plan you could mature and not be financially rewarding is dead, absent,” explained Dr. Jon Cohen, CEO of the psychological wellness startup Talkspace, in an job interview.

Some experimented with to celebrate both equally money and humanitarian accomplishment. BioNTech co-founder Uğur Şahin was interrupted by applause during a presentation as the developer, with Pfizer, of the mRNA vaccine recounted the shots’ position in fighting the pandemic. And that was in advance of he touted his company’s function in decreasing infectious sickness, preserving life, and assembly world-wide health requires for tuberculosis and malaria.

The dialogue later turned to the pricing of his firm’s flagship vaccine — which it truly is jockeying to set at a lot more than $100 a dose, up from an typical governing administration obtain cost of $20.69. A hundred bucks is a good price tag thinking of the “wellbeing economics,” BioNTech’s main approach officer, Ryan Richardson, argued: the hospitalizations and significant results averted.

A mind-bending comment

There was some cognitive dissonance at the convention. Contemplate drugstore huge CVS — which is steadily increasing over and above its retail roots into health and fitness coverage and principal treatment. CVS Health and fitness CEO Karen Lynch claimed that as section of its health business enterprise the organization is seeking at all the variables that underlie currently being properly. “Wellness isn’t really just about the engagement with the service provider it really is about all the other components — which include housing and nutrition,” she claimed. Remaining unaddressed was the sight frequently greeting CVS clients on getting into a retailer: candy, chips, and other processed food items.

For critics, it was a head-bending remark. “The final I listened to, CVS was a for-income business, not a social welfare company,” claimed Marion Nestle, a researcher who is a longtime critic of the foodstuff marketplace. “It sells junk meals that make men and women unwell and medication to deal with people diseases. How’s that for a nifty enterprise product!”

CVS spokesperson Ethan Slavin made available a pretty different eyesight, one in which CVS is trying to get to be a leading overall health and wellness destination. “We are often evolving our food and beverage assortment to supply healthier, on-trend merchandise.” It is also supporting applications to bolster food stuff availability in underserved parts, he added.

Some techies encountered new skepticism about “artificial intelligence.” Ginkgo Bioworks co-founder Jason Kelly mentioned for the duration of his presentation that people at the convention read so significantly about synthetic intelligence in the course of the conferences, “they want to stop hearing it.” (Ginkgo’s AI, made use of to assist pharmaceutical and biotech analysis, he stated, was unique than the rest.)

A person surgeon, Dr. Rajesh Aggarwal, located conversations with financiers about the stealth startup he founded, which focuses on metabolic wellness, were focused on silver bullets. “Explain to me if I invest in this, I’ll 10x” the outlay, he said, paraphrasing the bankers. Many, he reported, needed to “do some very good as well” for clients.

Aggarwal felt the buyers had been seeking for uncomplicated answers to health issues. And one particular product match that monthly bill: a new course of medication — GLP-1 agonists, a style of medication that aids in body weight decline but will very likely have to be taken for extended periods. Some analysts are projecting these medicines will be worth $50 billion. The bankers, Aggarwal felt, are not “contemplating about health and fitness care,” they are “thinking about the bucks attached to the tablet.”

KHN (Kaiser Wellbeing Information) is a countrywide, editorially impartial plan of the Kaiser Loved ones Basis.

Kaiser made $8 billion in profits last year. So why are patients struggling to get mental health care?

Kaiser made  billion in profits last year. So why are patients struggling to get mental health care?

A San Francisco mother whose daughter approximately jumped in entrance of a practice discovered that a Kaiser Permanente therapist would be in a position to see her — in a thirty day period. A mentally unstable gentleman who begged in vain for Kaiser to hospitalize him drove to a cliff and leaped to his death. A therapist whose customer blamed Kaiser for her son’s psychological well being crisis agreed that therapists ended up stretched way too slim and apologized.

People ended up amid the stunning stories revealed for the duration of a San Francisco Board of Supervisors hearing Tuesday as politicians sought to have an understanding of why Kaiser delivers what individuals, families and staff named deeply insufficient mental wellbeing care, even as the town spends virtually $500 million a 12 months with the health treatment large.

About 2,000 Kaiser therapists across Northern California and the Central Valley
have been on strike due to the fact Aug. 15,
accusing their employer of ignoring the mental wellness desires of hundreds of countless numbers of sufferers. In San Francisco, about 70,000 town personnel and retirees use Kaiser, which employs just 112 therapists to serve all its people in the town.

“I’m literally sitting listed here hoping to include my rage immediately after all the things I’ve just heard,” Supervisor Catherine Stefani stated. “It is
way
earlier time that mental well being treatment should be handled the identical as physical overall health care.”

Specifically infuriating to Supervisor Hillary Ronen, who identified as the listening to, was that Kaiser declined to attend, citing “the sensitive nature of mental well being care negotiations and in deference to client privateness and dignity.”

Kaiser officers advised the supervisors they would satisfy with them privately at an additional time.

“If you experienced showed up, you would have heard that your employees spend a important sum of time apologizing to their patients for you,” Ronen explained, directing her responses to the absent executives. “You would have read them convey to how they are forced to violate their personal license tips because of your negligence.”

Ronen was referring to a new
condition law
that, as of July 1, involves suppliers to make appointments for non-urgent mental wellbeing treatment within 10 days of a request.

Ronen recited a decade’s worthy of of Kaiser violations and problems, commencing with a condition fantastic of $4 million in opposition to the overall health business in 2013 for failing to keep track of the shipping of its mental overall health services. As a outcome, it remains unclear how lots of Kaiser people are having to pay out of pocket for counseling elsewhere, even nevertheless the essential company is intended to be integrated in their expenses.

“We have hardly ever seen these an egregious situation of delayed obtain for stick to-up appointments,” Ronen claimed, quoting a 2020 letter about Kaiser from the American Psychological Association to the California Division of Managed Wellness Care.

Questioned to answer to criticisms elevated in the listening to, Kaiser Permanente issued a assertion Wednesday saying it was “fully fully commited to meeting our patients’ needs, which includes psychological health as an integral section of whole health.”

If Kaiser people have issue obtaining psychological well being appointments, they can come across support and “a multitude of services” by calling a toll-free hotline, 800-390-3503, the statement explained.

As for the condition legislation necessitating psychological well being appointments within 10 days, Kaiser called the law’s implementation “challenging for all health designs and providers” because of a shortage of educated suppliers. However, the company explained it supports the goal of the regulation and that it is probable that the legislation will direct to an improve in therapists.

At the hearing, the supervisors listened to from anguished employees and individuals about their encounters with Kaiser’s psychological overall health solutions.

Mikaela Celli, a crisis clinician who is also a Kaiser affected individual, informed the supervisors about the man who had begged Kaiser to hospitalize him right before his suicide.

“Kaiser explained no,” Celli claimed. Instead, the health and fitness treatment enterprise presented the person two months of outpatient care, a few periods a 7 days, to train him methods of handling his mental overall health somewhat than actual therapy, she stated. Then the guy went missing, and the Coast Guard observed him on a beach front at the base of cliff.

“That guy was my father,” Celli stated. “Today would be his 55th birthday.”

Alicia Cruz, a clinician who functions with suicidal youth and is out on strike, reported she frequently finds herself apologizing to parents for Kaiser’s insufficient psychological wellbeing care. 1 working day, a mom whose son repeatedly had been denied appointments to treat his gentle anxiousness showed up at her crisis care clinic with her son, who was now in entire-blown crisis.

“She mentioned, ‘You induced my son to be unwell.’ She was speaking about me, and I did not know what to say — because I agreed with her,” Cruz mentioned. “We deliver 10 months of weekly procedure. It’s not more than enough.”

Ian Lewis, a research director with the Countrywide Union of Healthcare Personnel, which signifies the Kaiser therapists, reported the business could afford to pay for to strengthen providers due to the fact it created an $8 billion revenue final year.

Lewis mentioned Kaiser portrays alone as a nonprofit, but that designation “is a tax status and nothing more” and applies only to its basis.

Primarily based in Oakland, Kaiser Permanente has a few components: the Kaiser Basis Health and fitness System, Kaiser Basis Hospitals, and regional, for-earnings Permanente Professional medical Groups. It operates in eight states and the District of Columbia.

“If Kaiser were being here, I’d be inquiring them what the hell is heading on,” claimed Supervisor Dean Preston, who requested if Lewis imagined the company’s business enterprise design was to intentionally “drive people to go outside the Kaiser method for their mental well being.”

Lewis claimed he couldn’t converse for Kaiser, but instructed Preston, “You elevate a actually fantastic issue.”

Ilana Marcucci-Morris, a different putting clinician, implored the board: “Who is going to hold Kaiser accountable? How several extra suicides will there be, and who will punish Kaiser for disobeying the law and padding their pockets?”

In its assertion
,
Kaiser blamed its scarcity of psychological overall health industry experts on a nationwide scarcity of therapists influencing all suppliers.

At the listening to, Lewis reported the Bay Place is household to additional therapists for each capita than maybe any other region.

“But there is undoubtedly a lack keen to perform below Kaiser’s problems,” he explained.

Supervisor Connie Chan advised issuing a subpoena to drive Kaiser to deliver information she hoped could expose much more particularly how a lot of folks are becoming denied psychological health services.

Ronen and some others mentioned the town, with its 50 percent-billion-dollar deal, should to be able to stress Kaiser to increase. A lot more than 55{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} of present-day town employees are enrolled in Kaiser.

It was a legislative aide to Ronen who, some five a long time in the past, bought a terrifying contact from her daughter expressing she was suicidal and might leap on to the BART tracks.

“Her mother went to get her, then known as Kaiser, which stated: ‘I consider we can get you in in a thirty day period,’” Ronen mentioned at the hearing. “I identified as them and explained, ‘You get her in now.’

“How lots of folks never have that type of entry? The huge majority do not,” Ronen claimed, and urged the city’s liaison with Kaiser, Abbie Yant, government director of the San Francisco Wellness System, to explain to the corporation that the town is apprehensive about its staff members.

But Yant made no promises. “I really don’t want the public to hear the message that they are not getting care.”

It would seem most likely that they presently know.

Nanette Asimov is a San Francisco Chronicle staff author. E mail: nasimov@sfchronicle.com Twitter: @NanetteAsimov