Intensifying Global Bio Hegemony Competition: "Government Must Establish Mid- to Long-Term Plans to Respond"

Statement from the Korea Bio Association

President Joe Biden of the United States. [Image source=EPA Yonhap News]

[Asia Economy Reporter Lee Gwan-joo] As the U.S. government emphasizes domestic research and manufacturing in the bioindustry, intensifying global competition over bio hegemony, the domestic bio industry has called on our government to establish a mid- to long-term plan.

The Korea Bio Association issued a statement on the 15th, stressing, "If investments by the U.S. and China expand significantly across biotechnology, this will soon prompt increased investments from advanced countries such as Europe and Japan, intensifying competition among nations in the bioeconomy."

The association interpreted the executive order signed by U.S. President Joe Biden for the 'National Biotechnology and Biomanufacturing Initiative' as a declaration of the U.S.'s intent to strengthen competitiveness not only in the biopharmaceutical industry but also in fuel and bioenergy industries in a comprehensive sense.

They also analyzed that the background of the U.S. announcement lies in the five-year bioeconomy development plan released in May this year by China's National Development and Reform Commission (NDRC), which is China's first such plan. China explicitly mentioned the 'bioeconomy' in this plan and referred to the entire bioindustry including pharmaceuticals, energy, and agriculture in relation to a 'sustainable bioeconomy.' This can be seen as a countermeasure. The association emphasized, "We urge our government to take a broad approach to establish a mid- to long-term plan to protect the bio industry and respond to expanded investment and innovation."

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