SKT, KT eyeing new business opportunities in digital healthcare

Korea’s wireless carriers SK Telecom and KT are betting big on digital healthcare which is emerging as a new growth engine for major telcos in Korea amid the rapid digital transformation brought on by the Covid-19 in the medical service sector.

On Tuesday, KT inked MOU partnership with Catholic Medical Center (CMC) for joint development of digital treatment devices. KT plans to mobilize its AI, big data and cloud resources in the development of a platform specialized for digital treatment devices and the release of device prototypes.

This partnership will create a variety of applications in the field of digital treatment devices for addiction improvement, rehabilitation and chronic disease management, and future platform-based services will enable individualized treatment, said Song Jae-ho, senior executive vice president of AI/Dx Convergence Business Group at KT

In late last year, SK Telecom joined hands with Seoul National University Hospital to develop AI-based early diagnosis and treatment solutions for those with developmental disabilities. SK Telecom aims to leverage its ICT capabilities for video shooting and sending for preemptive discovery of whether children have developmental disabilities and creating a treatment process. The two are eyeing huge business opportunities in digitalized management, prevention, diagnosis and treatment of diseases, covering cancer diagnosis, and diabetes and hypertension management, among others.

According to market research firm Grand View Research, the global digital treatment device industry will grow at a CAGR of 23 percent and is expected to reach $19.1 billion in 2028.

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