Regarding Rumors of Pension Fund Stock Purchases: "Just a Rumor"

Chairman Kim Sungjoo Explains, "Increase in Valuation, Not Purchasing"

Hair Loss and Obesity Treatments Excluded from Health Insurance Coverage Plan

President Lee Jae-myung evaluated the major healthcare reform initiatives, such as the expansion of medical school enrollment quotas and institutionalization of telemedicine, as being "quietly and well implemented."


President Lee Jae-myung is asking questions to the heads of participating institutions during the ministry work report held at the Blue House's Yeongbingwan on July 16, 2026.  Photo by Blue House Press Photographers Group, Yonhap News Agency

President Lee Jae-myung is asking questions to the heads of participating institutions during the ministry work report held at the Blue House's Yeongbingwan on July 16, 2026. Photo by Blue House Press Photographers Group, Yonhap News Agency

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At the Ministry of Health and Welfare's work report held at the Blue House's Yeongbingwan on July 16, President Lee referred to the expansion of medical school quotas, which had been the biggest issue in the medical community until recently, and said, "It proceeded so quietly that it seemed nothing was being done."


In response, Health and Welfare Minister Chung Eun-kyung explained, "There were lessons learned from conflicts between the government and medical community, and there was a lot of debate and internal conflict within the ministry as well." President Lee replied, "Many people believe that reform must be loud and noisy, but what you've done is commendable. I highly appreciate how quietly this reform was carried out," he said, offering praise.


Earlier, in February, the Ministry confirmed a plan to expand the medical school enrollment quota by a total of 3,342 students over five years starting from the 2027 academic year, following a review by the Health and Medical Policy Review Committee. The additional students will be selected through the Regional Doctor Track, which requires mandatory service in local areas for ten years.


President Lee also gave a positive assessment of the institutionalization of telemedicine. Minister Chung reported, "Starting in December this year, nationwide telemedicine will be implemented mainly through primary care medical institutions," adding, "We have decided the scope for first and follow-up consultations after consultations with the medical community, and we plan to establish and utilize an official electronic prescription system."


After confirming the details by asking, "In what cases will telemedicine be permitted?" President Lee said, "This was a fiercely debated topic, but it seems to have been settled quietly. Did you handle much of this without my knowledge? Well done."


Jung Kyung-sil, the health and medical policy chief at the Ministry, explained, "Until now, telemedicine was limited to islands and remote areas, but it will now be implemented nationwide, centered on primary care clinics. However, drugs such as narcotics or those at risk for misuse will be excluded from telemedicine prescriptions."


That day, the controversy surrounding the National Pension Service's management of domestic stocks also became a topic of discussion. President Lee asked Kim Sung-joo, Chairman of the National Pension Service, "There are rumors that the fund bought up domestic stocks indiscriminately to boost prices ahead of local elections. Is this really the case?"


Chairman Kim dismissed the claim, saying, "That is not true at all. The increase in valuation is solely due to the rise in KOSPI of stocks we already held. In fact, we were in a situation where we needed to sell in order to rebalance the portfolio." He added, "If we hold on to stocks, people ask why we're not selling, and if we try to sell, they ask why we are selling. As an investor, the National Pension Service must generate returns to provide pensions to the people, but such public attention makes stable fund management difficult," he lamented.


President Lee responded, "I myself wondered, 'Did the National Pension Service buy stocks?'" and with a smile added, "There are a lot of people who say, 'I'll see you later,'" drawing laughter in the meeting room. Chairman Kim then replied, "Both the President and I are receiving a lot of criticism," which brought more laughter.



Meanwhile, the issue of extending health insurance coverage to hair loss treatments, which has recently been dropped from public consultation procedures, was not included in the Ministry's second-half work plan. However, Minister Chung explained at a pre-briefing the day before, "We are preparing measures to strengthen health insurance coverage," adding, "We are comprehensively reviewing requests to cover treatments for rare and intractable severe diseases, as well as coverage for hair loss and severe obesity treatments."


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