Pharmaceutical companies in South Korea expand digital healthcare businesses
South Korean pharmaceutical companies are expanding digital healthcare businesses as they seek new revenue sources. The domestic market recorded 7.7409 trillion won in sales in 2024, while companies including Daewoong Pharmaceutical, Dong-A ST, Handok and Yuhan are advancing products and investments.
Domestic pharmaceutical companies are accelerating their digital healthcare businesses to diversify revenue. While new drug development typically takes over a decade, digital health products can be commercialized relatively quickly and enable new business models based on patient data. This move comes amid government pressure to lower generic drug prices, prompting companies to seek new profit sources.
The market outlook is positive. According to a Samjong KPMG report, the global digital healthcare market is projected to grow from US$187.7 billion in 2025 to US$246.7 billion by 2029. The number of service users is also expected to increase from 3.3 billion in 2025 to 4 billion in 2029. In South Korea, the market recorded sales of 7.7409 trillion Korean won and employed 53,088 workers as of 2024, according to a survey by the Korea Digital Health Industry Association.
At the 6th-floor nursing station of Chungu Sungshim Hospital in Eunpyeong-gu, Seoul, three nurses were frequently checking wall-mounted monitors displaying real-time heart rates and respiration rates of 10 patients in the ward. Chungu Sungshim Hospital introduced the AI bed monitoring system Think to all 196 general ward beds in February. The system collects biometric data such as heart rate and respiration remotely via a wearable device attached to the patient’s chest and notifies medical staff of abnormalities.
The system was particularly intended to reduce the burden of monitoring patient conditions in the nursing and caregiving integrated service ward, which operates without guardians or caregivers. The nursing director said real-time monitoring has accelerated response times and reduced workload, and the hospital plans to introduce additional systems to monitor more diverse signals, such as blood pressure and body temperature.
Daewoong Pharmaceutical established a dedicated digital healthcare marketing division in 2024 and is expanding its business with the integrated platform All-New Think, an advanced version of its hospital bed monitoring system Think. The company aims to supply Think to over 100,000 beds this year and achieve annual sales of 300 billion Korean won in its digital healthcare division. It is collaborating with services including the continuous glucose monitoring device Libre, ophthalmology AI solutions Whiskey and Optina, and the medical record automation solution GenNote.
Dong-A ST is also expanding its product lineup through its digital healthcare division, aiming to become a comprehensive healthcare solutions provider. Its flagship products include the remote patient monitoring platform HiCardi, and AI retinal diagnostic solutions Dr. Eye CVD and Dr. Eye Fundus.
Handok is promoting the continuous glucose monitoring device BaroZen Fit based on its network in chronic disease management. Yuhan Corporation is investing 5 billion Korean won in digital healthcare company Huinno to enter the market.