7 hours Ago By Korea Bizwire
The South Korean government has announced plans to significantly increase research and development funding for age tech services. (Image courtesy of Yonhap) SEOUL, March 12 (Korea Bizwire) — The South Korean government has announced plans to significantly increase research and development funding for age tech services, which currently accounts for just 1% of total R&D spending, as part of its strategy to address the challenges of an aging society. The Presidential Committee on Ageing Society and Population Policy unveiled a comprehensive plan that includes a 300 billion won R&D project over six years and 180 billion won for welfare and care initiatives targeting the super-aged society.
The government will also establish a 50 billion won fund this year to stimulate private investment. The initiative focuses on five key age tech sectors: care robots, wearable and digital medical devices, treatments for age-related diseases, anti-aging regenerative medicine, and smart home care solutions. “While age tech R&D investment will continue to increase from current levels, it’s crucial not only for the government to take the lead but also to generate demand from the private sector,” said Joo Hyung-hwan, vice chairman of the committee.
The government plans to launch the Digital Transformation Age-Tech Flagship Project this year, seeking approval for a feasibility study for the 300 billion won program. The project aims to integrate domestic elderly-friendly products and services with information technology, such as developing walking assistance robots that combine care robotics with wearable technology to analyze users’ gait patterns. To encourage private sector participation, the government will streamline regulations in advanced regenerative medicine by expanding treatment eligibility beyond serious and rare diseases to include age-related and degenerative conditions.
The government will also expedite patent review processes for bio, AI, and advanced robotics technologies to a maximum of two months. The initiative includes plans to create initial demand for age tech products by implementing a pilot program that will temporarily cover new care products under insurance, with users paying 30% of the cost. The program will encompass wearable devices and digital medical equipment.
“While there are concerns about the viability of the age tech market due to the relatively lower income and assets of the elderly population, many seniors globally are baby boomers with greater purchasing power than previous generations,” Joo noted. He added that the government is considering increasing long-term care insurance benefits and providing additional support for care facilities to adopt age tech products early. The government will increase policy financing from 7.
1 trillion won last year to 7.9 trillion won this year to build an export foundation for age tech products, while also encouraging large corporations to enter the five key sectors through export-import financing support and mutual recognition agreements with other countries. Kevin Lee (kevinlee@koreabizwire.
com).
