Hyundai Heavy, Kakao team up on medical data

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Hyundai Heavy, Kakao team up on medical data


Executives from Hyundai Heavy Industries Holdings, Kakao Investment and Asan Medical Center pose for a photo at a signing ceremony at Asan Medical Center in southern Seoul on Wednesday. From front left is Kim Jong-jae, chairman of the Asan Institute for Life Sciences, Kim Sung-joon, executive vice president of Hyundai Heavy Industries Holdings’ corporate management team, and Park Ji-hwan, chief executive of Kakao Investment. [HYUNDAI HEAVY INDUSTRIES HOLDINGS]

Hyundai Heavy Industries will partner with Kakao and Asan Medical Center to launch a new medical data venture.

Hyundai Heavy Industries Holdings and Kakao Investment, the investment arm of Korean tech company Kakao, will each invest 5 billion won ($4.5 million) in the joint venture. Its tentative name will be Asan Kakao Medical Data.

Asan Medical Center will provide medical data collected from the hospital’s clinical trials and other records on reservations and medical devices. Data will only be used when it cannot be linked to patients.

The three firms intend to establish a medical big data platform by 2020 through Asan Kakao Medical Data and collaborate with IT firms and medical start-ups to expand the business. Hyundai Heavy Industries expects the platform will improve medical services and drug research projects.

“The lack of medical data in Korea has always been pointed out as an obstacle to expanding the market,” said an official from Hyundai Heavy Industries Holdings in a statement. “The latest joint venture will help Korea lead the smart medical industry in the face of the fourth industrial revolution.”

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