Joaquin Duato, chief executive officer (CEO) of global drugmaker Johnson & Johnson (J&J), cited artificial intelligence (AI) as a key element for future business development.
On the 31st, at the session "The future of healthcare shaped by science and technology" at the Asia-Pacific Economic Cooperation (APEC) CEO Summit held at the Gyeongju Arts Center, CEO Duato stressed the importance of advanced technology. Asked about ways to address health issues in Asia, he said, "We have come to better understand the biological mechanisms of disease, and the types of modalities (treatment delivery methods) have diversified," adding, "New technologies like AI are helping across the business."
CEO Duato projected that new technologies will bring significant progress in cancer treatment, cardiovascular disease, and mental health. On cancer in particular, he said, "Some cancers can now be managed like chronic diseases," expressing confidence. On dementia, he added, "It will prevent cognitive impairment and lead to the development of new treatments."
He emphasized that investment in healthcare leads to gains for the country as a whole. In Korea's case, he pointed out that the share of investment in the medical field is 0.1% of gross domestic product (GDP), far lower than the United States (8%).
CEO Duato pointed to business diversification as J&J's growth engine. "We are one of the few corporations that cover everything from pharmaceuticals to medical devices," he said, explaining, "We have worked across diverse areas including cardiovascular disease, immune diseases, cancer, neuroscience, and surgical robotics." He added, "By coupling this with clear business objectives, we have sustained growth for 140 years."
Finally, he said, "Since last year, we have been investing $50 billion (71 trillion won) in research and development (R&D) and innovation," adding, "Through innovation, we will treat intractable diseases, improve prevalence, and reduce patients' suffering."