Ministry of Foreign Affairs Reviews Impact on Domestic Companies Amid US Emphasis on 'Bio Domestic Production'

President Joe Biden Signs Executive Order on Domestic Production in the US Bio Sector
Cooperation with Relevant Ministries Amid Concerns Over Disruptions to Domestic Businesses

[Asia Economy Reporter Yoo In-ho] The Ministry of Foreign Affairs announced on the 13th that it will closely examine whether the U.S. government's formalization of research and manufacturing within the United States in the biotechnology sector, including biopharmaceuticals, will impact domestic companies.

An official from the Ministry of Foreign Affairs told reporters that regarding U.S. President Joe Biden's signing of the "National Biotechnology and Biomanufacturing Initiative" executive order the previous day, "Since there may be an impact on our companies, we plan to communicate with the relevant industries and thoroughly review the matter with related government agencies."

He explained, "It is a situation where related ministries need to take a closer look at the details and proceed with further confirmation and review of the specific contents."

The executive order signed by President Biden primarily focuses on domestic production in the biotechnology sector. The White House explained that it aims to enable everything invented in biotechnology to be made in the United States, contributing to job creation within the U.S., building a strong supply chain, and easing inflation.

In response, concerns have arisen within the domestic industry, particularly among domestic biopharmaceutical contract manufacturing organizations (CMOs), that business disruptions may occur.

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