"Establishing a Pharmaceutical Bio Control Tower... Need to Develop Mid- to Long-Term Growth Strategies"

Yoon Suk-yeol Government's Commitment to Fostering the Pharmaceutical and Bio Industry
Industry: "Please Listen to Field Opinions More"

President-elect Yoon Suk-yeol is visiting SK Bioscience in Bundang-gu, Seongnam, Gyeonggi Province, touring the laboratory. [Provided by the Office of the President-elect Spokesperson]

[Asia Economy Reporter Lee Gwan-joo] On the 10th, the Yoon Suk-yeol administration, which is launching, received calls from the domestic pharmaceutical and bio industry for active support for fostering future industries, establishing mid- to long-term strategies, and setting up a control tower.

According to the industry on the 9th, President-elect Yoon Suk-yeol emphasized the pharmaceutical and bio industry as a "new path for establishing health security and creating national wealth" since his candidacy, expressing his intention for active fostering and support. The 110 national tasks announced by the Presidential Transition Committee on the 30th of last month also included content about advancing to a global hub for bio and digital health.

The industry is urging above all the establishment of a mid- to long-term fostering strategy for the pharmaceutical and bio industry and the installation of a control tower that can comprehensively oversee policies across ministries and coordinate them effectively. The establishment of the 'Pharmaceutical Bio Innovation Committee' mentioned by President-elect Yoon should be realized to systematically foster the industry by integrating research and development, policy finance, tax support, regulatory improvement, and workforce training, and to harmonize regulatory policies with industrial policies.

Furthermore, they are calling for definite rewards for technological innovation outcomes such as new drugs and the expansion of research and development (R&D) support. The reality of the pharmaceutical and bio industry is that new drug development takes considerable time and can still end in failure. Only when an environment is created where companies are not afraid of failure and can take on challenges can they devote themselves to active new drug development. The Korea Pharmaceutical and Bio-Pharma Manufacturers Association stated, "Our country possesses world-class medical technology and clinical trial infrastructure, excellent pharmaceutical production capabilities, and new drug development R&D competencies," adding, "If the government adds support to the industry's efforts, the dream of becoming a pharmaceutical and bio powerhouse will be realized in the near future."

There is also a strong voice that expert opinions from the industry should be actively collected and reflected in the policy-making process. In particular, regarding regulations, there is a demand for applying 'negative' regulations suited to the industry's characteristics where technology development and progress are rapid. The industry also asks for efforts to reform systems to vitalize early-stage venture companies. The Korea Bio Association suggested, "Please establish a framework for growth-oriented institutional reforms so that early-stage bio ventures, which can be called the future of our country's bio industry, can grow with the government's generous institutional support."

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