Medical, healthcare to be most lucrative tech sectors for next decade: Scientist

Lee Sang-yup, a distinguished professor of chemical and biomolecular engineering at Korea Advanced Institute of Science and Technology, left, and Hyeon Taeg-hwan, a distinguished professor of chemical and biological engineering at Seoul National University [Photo by Lee Seung-hwan]

Two prominent scientists in South Korea picked the medical and healthcare sectors as technologies that will bring the most opportunities for the next 10 years.

“I believe the medical and healthcare sectors will have a big impact,” said Hyeon Taeg-hwan, a distinguished professor of chemical and biological engineering at Seoul National University. “People live longer now but no one wants to live longer in an ill condition. They all want to be healthy. Money will flow into the medical and healthcare sectors when societies around the world age fast.”

Lee Sang-yup, a distinguished professor of chemical and biomolecular engineering at Korea Advanced Institute of Science and Technology (KAIST), also agreed. He pointed to brain artificial intelligence (AI), next-generation energy storage equipment, and slow aging technology.

Their remarks were made in a conversation with Maeil Business Newspaper this week in celebration of Science Day on April 21.

Hyeon and Lee are renowned scholars.

There are four big awards given to scientists and engineers in Korea - Korea Science Award, Samsung Ho-Am Prize Award, POSCO ChungAm Prize, and The National Academy of Engineering of Korea (NAEK) Main Award. Both of the professors have won all four.

Lee specializes in the area of biotechnology and Hyeon of nanotech. Both of them are engineers that seek to apply science to industry sectors.

During the conversation with Maeil Business Newspaper, Lee and Hyeon shared the view that Korea should develop irreplaceable technologies to stay ahead in the global war for technological dominance.

Lee Sang-yup and Hyeon Taeg-hwan [Photo by Lee Seung-hwan]

“From a big perspective, the key areas in the hegemonic competition are chips, energy, and bio,” Hyeon said. “Korea is a leader in the chip industry but it is in an unfavorable position when it comes to the two other areas.”

Hyeon encouraged Korea to focus on enhancing technical skills of key industry sectors to be able to be recognized for their values, which will help Korea boost its position in negotiations.

“We should expand investments in our own research development and industrial-academic collaborations and secure talents,” Hyeon said. “This way, we will be able to remain undistracted by other measures such as subsidies.”

Lee also echoed the view.

“Having something ‘ours’ is important,” Lee said. “I describe this as Non-Fungible Technology, Industry, Products, Service (NFTIPS). It is essential to secure irreplaceable technology, industry, products, and services.”

Lee and Hyeon called on the government and junior scientists to constantly take on challenges in various fields, including AI chips, new aerospace materials, high-capacity batteries or energy storage devices as an alternative to batteries, technologies to correct genetic defects, and technologies for aging and longevity.

The two scientists said that they are engaged in the field of science for the future of mankind, such as addressing the climate crisis issue for Lee.

Hyeon aims to “cure the incurable diseases” with nanotechnology.