As wearable devices such as smartwatches and smart bands become mainstream, interest in smart rings is growing. An employee from iMed Healthcare is demonstrating the “Vital Ring,” a ring-shaped healthcare device that can continuously measure biometric signals such as body temperature, heart rate, and respiratory rate 24 hours a day.
The results of investments made by domestic pharmaceutical companies in the digital healthcare sector as a new growth engine are beginning to show. Although there is still a long way to go, signs of market development are emerging as a few companies start to see results.
Hanmi Pharmaceutical, which has been around for 70 years, has been strategically investing in the digital healthcare company Welt since 2021 and has maintained a partnership. Hanmi participated as an additional investor in Welt’s Series C funding round of 14 billion won conducted in the first half of the year, strengthening their relationship. After a wait of over three years, Welt’s digital therapeutic device for insomnia, “SleepQ,” was prescribed for the first time to insomnia patients at the Department of Psychiatry at Severance Hospital on July 12.
SleepQ is one of the first innovative medical devices approved by the Health Insurance Review and Assessment Service and has received approval from the Ministry of Food and Drug Safety as a digital therapeutic device for insomnia. It collects various data from patients and analyzes sleep patterns to provide personalized treatment. Currently, it is in the preparatory process for prescriptions at some university hospitals in South Korea, with full-scale prescriptions expected after August.
Yuhan Corporation is a major shareholder in Hueino, which has an AI solution for electrocardiogram (ECG) monitoring. Since 2020, Yuhan has invested over 13 billion won in Hueino. They hold the domestic rights to Hueino and supply the “Memo Patch” solution to about 200 hospitals and clinics. The Memo Patch is a patch device that allows ECG measurements at home and analyzes the collected ECG data using AI to provide medical professionals with a report. It can monitor a patient’s ECG for up to 14 days.
Daewoong Pharmaceutical began its partnership with Searstech, a company specializing in ECG testing solutions and inpatient monitoring solutions, by signing a domestic distribution agreement for Mobicare in 2020. Mobicare is a patch-type ECG device for arrhythmia detection that applies wearable sensor technology and AI algorithms. In December 2021, Daewoong made a strategic investment of about 5 billion won in Searstech. Utilizing Daewoong’s nationwide sales network, 772 hospitals had adopted the Think solution as of the end of March this year.
Daewoong has also made strategic investments in MEDI-IoT, which has the electronic drug for eye diseases called “MEDI-EYE.” MEDI-EYE includes medical device products that can treat dry eye syndrome and macular degeneration, as well as wellness products for home use. A launch is planned within the year.
In addition, Dongwha Pharmaceutical is strategically investing in digital therapeutics company Hi and Vuno, while Samjin Pharmaceutical is investing in AI medical company Neurofit, and GC Care is investing in UbiCare, among others. The fruits of these investments are gradually becoming apparent.
Traditional pharmaceutical companies focus on selling “drugs” and emphasize post-treatment, while digital healthcare focuses on “disease prevention” and “diagnosis.” For pharmaceutical companies to expand into digital healthcare means extending their service system to include diagnosis and prevention.
A pharmaceutical industry representative stated, “We are investing with an eye on future growth rather than immediate profits,” adding, “We aim to improve overall quality of life from diagnosis to prevention and post-treatment through pharmaceuticals, thereby expanding the business scope of pharmaceutical companies.”
송혜영 기자 hybrid@etnews.com