An Estimation of the Economic Effects of the Healthcare Industry in South Korea
Jeong-Min Ahn, Jeong-Kyo Suh · Korea International Trade Research Institute · 2017
Concern for healthcare is increasing around the world. This study attempts to estimate the economic effects of the healthcare industry through input-output analysis. In particular, this research method used 384*384 sector tables of the Bank of Korea as the first analysis tool after 8*8 adjusted sector tables were used. The main analytical tools of this research include comparison of induced value-added coefficients in aspects of electronic healthcare, ubiquitous healthcare and smart healthcare. According to the result of this analysis, the more developed the healthcare industry is, the bigger the induced coefficients reflected in value-added, operating surplus and production tax. However, the more developed the healthcare industry is, the smaller the induced coefficient of employee’s pay becomes. This is because high value addition is created as it is being developed within the information society by merging the main factors of the fourth industrial revolution such as information and communication technologies, The internet of things, artificial intelligence, big data and so on. Therefore, a smart healthcare industry plays a significant role in national growth. This study offers alternatives for efficient industrial policy.