Recently the Ministry of Knowledge Economy in Korea announced that it is crafting legislation to overcome the obstacles in the way of developing industrial convergence. By industrial convergence is meant the coming together of different technologies, nanotechnology, information technology, biotechnology and cognitive science, to develop and market products of value.
The Ministry cited as example the problems faced by a recent product, the “diabetes phone” that allowed users to check their blood-sugal levels and get remote treatment from doctors. The product combined the latest in biotechnology and information technology. However, inadequate sales and existing regulations on medical treatment forced the product off the market.
Government categorized the device as medical equipment and did not allow remote treatment owing to safety concerns.
Convergence of technologies are bringing many innovative solutions into the market, which are being exploited by companies in the advanced economies such as those of U.S., Europe and Japan. However, outdated legal and institutional factors prevent their development in many other countries.
Korea wants to get out of this situation and has formed a committee to craft new legislation that will tap the synergies possible through convergence of industries. If each industry goes on its own traditional path, the benefits of such synergy will be lost to the society.
Korea wants to adopt policies that will allow deregulation, R&D support for local companies and commercialization of convergence technologies.
Read the news at JoongAngDaily.
