Korea Pharmaceutical and Bio-Pharma Association "Actively Welcomes Presidential Candidates' 'Pharmaceutical and Bio-Pharma Development Pledges'"

Korea Pharmaceutical and Bio-Pharma Manufacturers Association building.

[Asia Economy Reporter Lee Gwan-joo] Ahead of the presidential election, the pharmaceutical industry has welcomed the fact that the ruling and opposition candidates have incorporated plans to foster the pharmaceutical bio industry into their core pledges.

The Korea Pharmaceutical and Bio-Pharma Manufacturers Association issued a statement on the 4th, saying, "We greatly welcome that the presidential candidates have significantly reflected industrial promotion measures, including the establishment of the 'Pharmaceutical Bio Innovation Committee,' in their core pledges."

Lee Jae-myung, the Democratic Party presidential candidate, announced that he would promote a major transformation of the pharmaceutical bio industry through active investment and compensation systems to realize a pharmaceutical bio powerhouse, and significantly expand R&D budgets and investment in talent development. He also unveiled a blueprint to foster and develop the bio-health industry into a global industry through the establishment of a unified industrial promotion policy system and the enactment of a special law for the development of the bio-health industry.

Yoon Seok-youl, the People Power Party candidate, also pledged to protect public health by establishing pharmaceutical bio sovereignty, proposing national R&D support to build vaccine sovereignty and a global hub. Furthermore, he promised to realize a new growth engine for the national economy and a pharmaceutical bio powerhouse by fostering core talents in the pharmaceutical bio industry and creating an ecosystem for job creation, including the establishment of a ‘Pharmaceutical Bio Innovation Committee’ directly under the Prime Minister.

The Korea Pharmaceutical and Bio-Pharma Manufacturers Association has persistently urged since 2017 to declare the pharmaceutical bio industry as a future national key industry and to establish a control tower that integrates the management of industrial promotion policies and budgets.

The association evaluated, "It is encouraging that the integrated control tower overseeing industrial promotion has been directly or indirectly reflected in the policy pledges of both parties, indicating a consensus on the necessity of establishing a command center that transcends inter-ministerial barriers." It added, "If the industry's continuous innovation and challenges are supported by the government's bold and consistent support, we are confident that Korea will join the ranks of global pharmaceutical bio powerhouses."

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