President Yoon, "Will Radically Improve Regulations for the Development of K-Bio Health"

Presiding over the 4th Emergency Economic and Livelihood Meeting at Bundang Seoul National University Hospital

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] On the 27th, President Yoon Seok-yeol promised to drastically improve related regulations to advance the K-Bio Health sector, a national core strategic project.

In his opening remarks at the 4th Emergency Economic and Livelihood Meeting held at Bundang Seoul National University Hospital in Gyeonggi Province on the morning of the 27th, President Yoon pledged to prioritize the presentation of directions for regulatory innovation and drastic improvement of regulations to facilitate research and development (R&D) and smooth investment in the K-Bio Health sector.

Regarding this, President Yoon stated, "We will significantly shorten the approval and evaluation processes for artificial intelligence (AI) digital innovative medical devices so that they can be quickly utilized on-site."

He continued, "We will prioritize presenting directions for regulatory innovation in new industrial areas of the bio health sector to increase predictability in the market and support the commercialization of innovative technologies." This is based on the judgment that higher predictability enables smoother investment.

President Yoon also instructed the Ministry of Health and Welfare and other bio health-related departments to thoroughly review and improve unreasonable systems and regulations that may restrict R&D and startup activities.

He urged, "Please actively reflect the voices from the field in establishing a regulatory sandbox and creating an ecosystem for nurturing talent in the bio health sector."

Furthermore, President Yoon promised to expand financial support, stating, "The bio health sector not only protects public health but is also directly linked to our economy’s growth through the creation of new high-income jobs." He emphasized, "We will support the establishment of a K-Bio vaccine hub so that companies can focus on developing blockbuster new drugs and vaccines."

Before the meeting, President Yoon visited startup companies within the Healthcare Innovation Park at Bundang Seoul National University Hospital, demonstrated medical devices, and encouraged the executives and staff.

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