South Korea and the United States (US) have formed a high-tech collaboration to define global medical product standards. The goal of the partnership is to advance the usage of Artificial Intelligence (AI) medical products through joint workshops, as well as deepen the Korea-US high-tech alliance. Following the signing of the agreement, the two countries will host collaborative workshops to discuss the expertise required for applying AI in drug development.
How Does the Collaboration Impact the Global Pharmaceutical Regulatory Landscape?
The Korea-US high-tech alliance is part of a much larger effort to expand the two countries’ relationship with each other in a variety of areas, including investment, trade, technology, and people-to-people contacts. The cooperation is supposed to provide both countries with cutting-edge technologies and economic prospects.
Leveraging AI in drug discovery and development in the pharmaceutical sector not only enhances Application Programming Interface (API) graphing, but also streamlines the entire Regulatory outflow.
The Korea-US high-tech alliance for medical products is expected to impact the Regulatory landscape for medical products in the following five (05) ways:
- The purpose of the alliance is to use AI to develop global standards for medical products.
- The two countries will host collaborative workshops to exchange their experiences with AI in medical product development.
- The association will boost collaboration on AI-powered medical products and devices.
- The partnership will boost the adoption of digital health technology and applications of AI in medicine.
The Korean government has been helping the pharmaceutical industry by increasing their Research & Development (R&D) expenditure and shortening the time it takes to implement laws. Overall, the Korea-US high-tech alliance for medical products is expected to promote innovation, collaboration, and the use of AI in the pharmaceutical industry, as well as improve the Regulatory landscape for medical products. The following two (02) initiatives taken by the Korean government are important steps in the direction:
- The Korean government developed and promoted a comprehensive five (05)-year plan in 2013, seeing the pharmaceutical industry as a future economic engine.
- The Korean government has placed a bid on the global biotech market by injecting Won 500 billion (USD 448 million) into the project, according to the Ministry of Science and ICT (MSIT)’s plan, to increase its presence in the global bio market from 1.7% to 5% by 2025.
Looking to stay ahead of the curve in AI-assisted medical product development? Consider leveraging the Korea-US high-tech alliance for medical products. Contact us to learn more about our Regulatory services and how we can help you navigate the changing landscape of AI-assisted medical product development and AI in Regulatory compliance.