The Bank of Korea has emphasized the necessity of utilizing vast amounts of medical information amassed by the national health insurance system and hospitals as a strategic asset for developing the bio-health industry. In their report titled 'Measures to Foster the Advanced Bio-Health Industry,' released on September 9, the bank pointed out that artificial intelligence (AI) has emerged as a game-changer that is reshaping the competitive landscape of the bio-health sector. They noted that AI can significantly reduce the duration of new drug development by 30 to 50%, dramatically cutting research costs and creating new markets in precision medicine and surgical robotics.

Furthermore, the report describes South Korea's health insurance data—derived from a single-payer system covering 50 million people—as a highly valuable 'diamond in the AI era'. With strategic use of high-quality bio-data, the nation has the potential to position itself as a global hub for bio-health research and development. However, the report also identifies the existing mismatch of incentives, where risks and costs are borne by individuals and hospitals, while the benefits are dispersed among companies and society. To address this, it proposes establishing a 'national approval and openness system' that would allow for data utilization—after meeting specific public interest criteria—while relaxing certain regulations for approved studies to promote data distribution.

To ensure the effectiveness of this national approval framework, the report suggests considering the establishment of a dedicated agency, akin to those in the European Union, which would possess independence, expertise, and financial sustainability. This entity would play a key role as a market facilitator, supporting a private data ecosystem while also serving as a trust guarantor, thus further addressing the incentive misalignment identified in the report.