There is no permanent solution as such at database server level.

As per the above link:

Implementing an error handler that traps error message 1222 allows an application to handle the time-out situation and take remedial action, such as: automatically resubmitting the statement that was blocked or rolling back the entire transaction.

Its not recommended to change the LOCK_TIMEOUT value at server level.

You can try to change it for a specific connection or transaction submitted.