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South Korea
Intelligence for Better Decision Making
Formation of the Presidential Committee on Medical Reform in Korea
April 26, 2024 | Indirect Indicator- A new Special Committee on Medical Reform will launch on the 25th in South Korea, without the participation of groups such as the Korean Medical Association, the Korean Medical Residents Association, and the Korean Academy of Medical Sciences.
- The committee's main focus is on tasks to reform the medical system, including increasing the number of medical schools and restoring essential medical care in the region.
- The committee will be chaired by Noh Yeon-hong, president of the Korea Pharmaceutical and Biotechnology Association, and includes twenty civilian members, five experts, and heads of six central agencies.
- Major medical groups have protested against the increase in medical schools and declared they would not participate in the committee meeting. Only recommenders from 7 organizations, excluding 3 medical groups, participated in the first meeting.
- The government plans to leave the positions recommended by medical groups empty, but some doctors are still participating as recommended by other associations.
- Related consumer groups including the Korean Federation of Patient Organizations, the Federation of Korean Consumer Groups, the Korea Employers Federation, the Refresh Workers' Council, and the Citizens' Coalition for Economic Justice will join the committee.
- There has been a prolonged walkout by doctors which has disrupted public health services for over two months. In response, the committee was launched. However, senior and trainee doctors are refusing to join, demanding the government revisit the medical school admissions issue.
- There are concerns about further disruptions in the healthcare system due to the walkout by trainee doctors which has led hospitals to lose senior doctors.
- The committee's first meeting decided to focus on four pillars of medical reform tasks, but did not include a discussion on the government's proposal to increase the number of medical school seats by 2,000.
- The boycott by three doctors' groups raises concerns regarding the legitimacy of the government's medical reform plans.
- Conflicting interpretations arise regarding whether medical professors are subject to the civil law specifying a one-month notice period for resignation to take effect.
- Concerns have been raised about potential conflicts of interest due to the committee chairman, Roh Yeon-hong, also serving as the chairman of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association.
- The Free Healthcare Movement Headquarters has raised concerns about Roh's past role as the health and welfare secretary, and the potential commercialization of medical services.
Resignation of medical professors
April 25, 2024 | Direct Indicator- Medical school professors across various universities have agreed to resign on the 25th and suspend surgeries and outpatient treatments one day a week in protest of expanding medical schools and mandatory medical policy measures.
- This action is led by the National Medical School Professors' Emergency Response Committee.
- The decision has arisen due to extreme fatigue of professors working long hours, many working 70 to 100 hours a week in the current emergency situation.
- This has resulted in the disruption of surgeries, medical treatments, personnel shortages, and a shortage of operating rooms.
- Professors are calling for the formation of a legislative consultative body to discuss the expansion of medical schools and ensure essential medical care.
- The ongoing conflict could affect future production of doctors and medical students' education.
- In South Korea, medical professors are considering weekly breaks due to a prolonged walkout by trainee doctors which has resulted in extreme stress and burnout for senior doctors.
- The walkout began on February 20 in protest of the government's plan to increase the number of medical students. To this date, there has been no breakthrough in talks.
- The weekly closure of major hospitals in Seoul is feared to further disrupt the situation, worsening hospital services and financial difficulties of major hospitals.
- The government plans to establish a special presidential commission for medical reform but doctors have rejected the proposals and are calling for the government to reconsider the issue entirely.
- Professors across the nation have been gradually submitting resignations, which could take legal effect after one month without employer approval, even though there are differing opinions about the procedure for resignation.
- Four professors from Seoul National University have already announced their resignation, effective May 1.
- South Korean patients are experiencing anxiety due to disruptions in hospital operations caused by the resigned professors and weekly shutdown plans.
- Despite continued treatment for emergency cases, patient families remain concerned due to the possibility of more hospitals participating in the shutdown.
Monitored Intelligence for South Korea - Jan. 29, 2024
News
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280
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Releases
7
City/State
Releases
0
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Releases
1
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Advisories
0
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0
Academic/
Think
Tank
0
Think
Tank
0
Podcasts
0
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0
Social
Media
0
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0
Erudite Risk takes an all risks approach to intelligence reporting. We categorize key intelligence into one of 40 different risk intelligence categories.
The goal is to provide intelligence that allows decision makers to avoid being blindsided by what they may have missed, while informing them to make better decisions as well.
Risk Categories Reported on Today
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Items Reported On
Crime
4
Accidents
3
Geopolitical Conflict and Disputes
12
North Korea
8
Terrorism
1
Political Scandal or Corruption
2
Cyber Attacks and Data Loss
2
Erudite Risk also includes operations categories so you can monitor the environment for better decision making. Everything is tied together--what happens in risk affects operations and what happens in the market impacts risk profiles.
We categorize key intelligence into one of 30 different operations intelligence categories.
Different roles and functions within the organization can monitor different key issue areas. HR may monitor employment, wages, regulations, labor and management relations, etc., while P&L leaders may monitor overall developing trends.
Operations Categories Reported on Today
Operations Category
Items Reported On
Demographics
4
Tech Development/Adoption
6
Trade Issues and Numbers
3
Politics and Elections
3
Political Policy Resistance
1
Bizdev-Partnering
6
Real Estate
3
Korea-Japan diplomatic feud looms large over Naver’s Line messenger app
Korea Times | English | News | April 29, 2024 | Geopolitical Conflict and Disputes
Article Summary: Japan has initiated efforts to exclude Naver from its joint management of the Line mobile messenger app due to a massive data leakage incident. SoftBank is reportedly in talks with Naver to acquire part of the Korean company's stake in LY Corp, which may lead to Naver losing control over Line. This has raised concerns about a potential diplomatic feud between Korea and Japan. Korean government officials are planning to communicate with Naver and take stern measures against Japan's actions. Naver has not commented on the issue yet, and analysts suggest that reaching a conclusion on this matter may take some time.
빚 못갚는 '한계기업' 증가에…공장 경매 43% 급증
With the increase in ‘marginal companies’ that are unable to repay their debt… Factory auction surges 43%
Joongang Ilbo | Local Language | News | April 29, 2024 | Bankruptcy-Insolvency
The number of factory and manufacturing auctions in South Korea has surged by 43.2% in the first quarter of this year compared to the same period last year, as more business owners are unable to repay loans due to high interest rates and economic recession. This increase is leading to a decrease in successful bids and bid prices. The proportion of vulnerable companies unable to cover interest expenses with profits has risen significantly, and the number of corporate bankruptcy applications is also on the rise. The knowledge industry centers, also known as apartment-type factories, are facing a similar situation with a high number of auction items and low success rates. The market is expected to face challenges in recovering in the near future.
Financial regulator to scrutinize governance of NongHyup Financial Group
Korea Times | English | News | April 29, 2024 | Financial System Problems
The Financial Supervisory Service (FSS) will conduct regular inspections into the governance of NongHyup Financial Group due to concerns over internal controls and financial misconduct. The FSS will examine the unique governance system of NongHyup Financial Group, which is 100 percent owned by the National Agricultural Cooperative Federation. Recent financial misconduct incidents have prompted the FSS to intervene and ensure compliance with major shareholders. Concerns also exist about undue influence exerted by the National Agricultural Cooperative Federation over the management of its financial affiliates. Despite structural independence since 2012, criticisms remain about the level of influence from the NACF. The FSS aims to avoid controversy over potential excessive interference in the private sector as it works to address governance issues within NongHyup Financial Group.
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