A Medical Paradigm Shift and Cooperation between Korea and China in the Medical Service Industry

Eun Hee Choi ()
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Eun Hee Choi: Korea Institute for Industrial Economics and Trade, http://www.kiet.re.kr

No 19-26, Industrial Economic Review from Korea Institute for Industrial Economics and Trade

Abstract: The medical services paradigm is changing along with the development of technological innovations and shifting socioeconomic forces including the aging population, reduced medical costs and the desire for a healthy life. Medical services are expanding from provider-oriented treatment services to demand-oriented health care services where customers actively prevent disease and manage health. Medical demand includes both sick and healthy people, and suppliers are expanding from traditional medical services institutions to companies in various fields, including IT companies, tourism and insurance companies. This expansion of health care demanders, providers and business models is due to the emergence of convergent health care services due to advances in technology and inter-industrial convergence. Smart healthcare, which combines ICT with health care, and wellness tourism, which fuses tourism and medical services, are typical examples. These two areas are new growth engines that can generate high value added. Both Korea and China are experiencing rapid aging and need to prepare for a demographic shift. It is also time for a new economic growth engine, as the economy, once powered by manufacturing, slumps. Therefore, it is necessary to foster convergent health care services through exchanges and cooperation in the medical service sector and, based on this, to deal with an aging society while also promoting economic growth.

Keywords: health care; health care service; smart healthcare; medical demand; medical service (search for similar items in EconPapers)
JEL-codes: L64 L84 (search for similar items in EconPapers)
Pages: 9 pages
Date: 2019-12-01
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