Korea Bio Association Collaborates with Seoul New Industry-Related Organizations to Promote Bio Regulatory Reform

[Asia Economy Reporter Lee Gwan-joo] The Korea Bio Association has decided to strongly promote regulatory reform in collaboration with related organizations to improve regulatory and difficulties experienced by companies in the bio new industry sector.

The Korea Bio Association announced on the 23rd that it has jointly signed a 'Multilateral Memorandum of Understanding for Regulatory Reform in Seoul's New Industry Sector' with the Seoul Business Agency and others.

The agreement includes participation from the Korea Bio Association, Seoul Business Agency, Seoul Institute, Seoul Technology Research Institute, Korea Startup Forum, Korea Society for Regulatory Studies, Korea Robot Industry Association, Korea Blockchain Association, Korea Artificial Intelligence Association, and Korea Fintech Industry Association.

Through this agreement, associations and organizations representing over 5,200 companies in the new industry sector will unite to establish an industry-academia-research cooperation system to jointly support companies facing difficulties due to various regulations.

The main contents of the agreement are ▲ mutual cooperation for discovering and jointly resolving corporate regulations ▲ expert exchange and database sharing to support regulatory sandbox and permits, etc. ▲ joint hosting and promotion of seminars, public hearings, and forums for regulatory reform ▲ joint proposals to the government and National Assembly for regulatory improvements.

Oh Ki-hwan, Executive Director of the Korea Bio Association, said, “We expect to more efficiently resolve regulatory difficulties faced by bio companies through sharing regulatory innovation know-how with other new industry sectors and cooperation among institutions.”

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