(L to R) Woo Jong-soo, CEO of Hanmi Pharmaceutical, Kim Dae-jin, CEO of Digital Pharm and Song Jae-ho, Vice President of KT pose for a photo after their announcement of the launch of the three-party alliance at Hanmi Tower in Seoul on Friday. (Hanmi Pharmaceutical)
With this investment, KT will be responsible for developing platforms for digital therapy, writing business strategies and providing pipelines. Meanwhile, Hanmi plans to maximize synergistic impact through specialized marketing in hospitals and by supporting the authorization of digital medical devices.
Digital Pharm’s first projects concern digital therapeutics and electroceuticals. The Digital Therapy Project will be used to treat alcohol and nicotine addiction, while the Electroceuticals Project will treat Attention Deficit Hyperactivity Disorder. The company will begin clinical trials for digital alcohol and nicotine therapies in the second half of this year, officials say.
Digital therapies are evidence-based, software-driven therapeutic interventions to prevent, manage, or treat disorders and diseases. Electroceuticals refer to devices that treat disease with electrical impulses.
This investment is the first collaboration between a South Korean information and communications technology company, a pharmaceutical company and a medical institute. Digital Pharm is a subsidiary of the holding company of the Catholic University of Korea.
According to the companies, the global digital therapeutics market is expected to reach 22.4 trillion won ($17.3 billion) by 2028 with an average annual growth rate of 23%.
“We will do our best to establish a successful business model by combining Hanmi’s long-time accumulated capabilities in new drug development, obtaining government approvals and commercialization,” said Woo Jong-soo, CEO of Hanmi. Pharmaceutical.
Song Jae-ho, vice president of KT, said the three-party alliance is expected to create and lead the country’s digital therapy and electroceutical ecosystem.
By Kan Hyeong-woo (email@example.com)