Expectations for Prime Minister's Direct 'Pharmaceutical Control Tower'

Attention on the Establishment of the Pharmaceutical Bio Innovation Committee

President-elect Yoon Seok-yeol is holding a press conference to greet his election victory on the morning of the 10th at the National Assembly Library in Yeouido, Seoul. Photo by the National Assembly Press Photographers Group

[Asia Economy Reporter Lee Gwan-joo] The pharmaceutical and bio industry has expressed expectations for President-elect Yoon Seok-yeol's pledge of ‘New Growth in the National Economy, Realization of a Pharmaceutical and Bio Powerhouse.’ The most notable pledge is the establishment of the ‘Pharmaceutical and Bio Innovation Committee’ directly under the Prime Minister. The industry, which has long demanded the installation of a government-level control tower to integrate policies across ministries, unanimously agreed on the 11th that a mid- to long-term strategy must be established to secure pharmaceutical and bio sovereignty.

During the election process, President-elect Yoon emphasized the pharmaceutical and bio industry as ‘a new path for establishing health security and creating national wealth,’ expressing his intention for active cultivation and support. Specifically, he promised ▲the establishment of the ‘Pharmaceutical and Bio Innovation Committee’ directly under the Prime Minister as a control tower to realize a pharmaceutical and bio powerhouse ▲the establishment of pharmaceutical and bio sovereignty through national research and development (R&D) support to build vaccine sovereignty and a global hub ▲the realization of ‘new growth in the national economy and a pharmaceutical and bio powerhouse’ through nurturing core talents in the pharmaceutical and bio industry and creating an ecosystem for job creation. Among these, the Pharmaceutical and Bio Innovation Committee is expected to formulate a mid- to long-term industrial development plan encompassing pharmaceutical and bio R&D, policy finance, tax support, regulatory improvement, and workforce training, and to effectively coordinate policies scattered across various ministries.

The industry urged that these pledges should materialize into concrete government policies after the new administration takes office. The Korea Pharmaceutical and Bio Association stated, “The control tower will be a key institution that harmonizes regulatory and industrial policies and fosters the industry through selection and concentration,” emphasizing, “A stable environment must be created where companies can always take on challenges, including definite rewards for technological innovations such as new drugs and expanded R&D support.”

The industry also stated that expert opinions should be actively reflected in policy formulation and that regulations should be eased in line with the fast pace of technological development and progress characteristic of the industry. They also suggested establishing a long-term strategy reflecting the cycle and ecosystem of bio companies. The Korea Bio Association said, “Since initial funding is crucial due to the nature of ventures, an ecosystem should be established to activate investment,” and requested, “Please prepare a framework for growth-oriented institutional reforms so that early-stage bio ventures, which can be considered the future of the bio industry, can grow with generous institutional support from the government.”

This content was produced with the assistance of AI translation services.