[New Year's Address] Won Hee-mok, Chairman of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association, "Bold R&D and Innovation Efforts Must Continue"

Won Hee-mok, President of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association. / Photo by Korea Pharmaceutical and Bio-Pharma Manufacturers Association

[Asia Economy Reporter Myunghwan Lee] Won Hee-mok, chairman of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association, stated on the 2nd, "We must not stop bold research and development and innovation efforts" to mark the New Year.

In his New Year's address, Chairman Won evaluated that the Korean pharmaceutical and bio-pharma industry established itself as a future growth engine amid the COVID-19 situation last year. He said, "We succeeded in independently developing COVID-19 treatments and vaccines, and expanded entry into advanced markets based on domestically developed new drugs," adding, "The newly launched government declared its policy to nurture the pharmaceutical and bio-pharma sector as a national core strategic industry and showed support for the industry's efforts."

However, he also pointed out that the pharmaceutical and bio-pharma industry faces a crisis of uncertainty this year. Chairman Won diagnosed, "The economy is contracting due to inflation, high interest rates, and high exchange rates, and a dark shadow is cast by the population cliff caused by low birth rates," adding, "The pharmaceutical and bio-pharma industry is also expected to face changes in various systems and market environments, including external circumstances, making it difficult to predict tomorrow."

He also emphasized the need for cooperation among the pharmaceutical and bio-pharma industry, academia, and the public and private sectors. Chairman Won said, "We should focus on open innovation where pharmaceutical companies, bio ventures and startups, academia, and the public and private sectors closely cooperate," explaining, "Because on the foundation of cooperation, communication, and convergence, the speed of innovation accelerates and solid competitiveness can be built."

He added, "Collaboration is no longer a matter of choice," and "When comprehensive open innovation is realized, infinite opportunities can be created." He emphasized, "If we take the spirit of collaboration that we achieve together as a strong driving force, we can open the door to the 'global success era.'"

There was also a suggestion to achieve a leap forward for the pharmaceutical and bio-pharma industry in the new year. Chairman Won said, "Let us make this year one that impresses the world market with 'K-PharmaBio' by pouring out the accumulated capabilities and energy," and concluded by pledging, "Our pharmaceutical and bio-pharma industry will faithfully carry out the era’s mission of 'the future of the national economy responsible for public health' with an unbreakable and strong stance of Ganggomu-bi (?固無比)."

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