[New Year's Address] BioPharmaceutical Association "National Support is Crucial... Will Serve as a Stepping Stone Connecting Government and Industry"

[Asia Economy Reporter Myung-hwan Lee] The Korea BioPharmaceutical Association announced on the 2nd that it will "fulfill its role as a stepping stone connecting and coordinating the government and industry" to welcome the new year 2023.

In its New Year's message, the association reflected, "We have entered 2023, a year in which we must enhance competitiveness through change and innovation and dream of a leap forward despite spreading uncertainties," adding, "Last year, the biohealth industry was swept by strong headwinds, including the persistent continuation of COVID-19 and the entry into a global economic recession."

It continued, "Drug development pipelines equipped with new technologies such as cell and gene therapies, synthetic biology, and digital health are continuously emerging," diagnosing, "This trend is becoming a driving force that opens new markets and transforms supply chains." It also pointed out, "The domestic biohealth industry, facing unprecedented challenges both internally and externally, is in a situation where it must actively seek and create differentiated opportunities for survival."

The association emphasized the need for capital support for industrial development. It stated, "It is essential to have researchers in various fields of research and development (R&D), networks connecting them, and capital support that can lead commercialization," diagnosing, "Following the inflection point after COVID-19, human resources capable of agilely responding to the rapidly changing industry's value chain and ecosystem dynamics are needed, and securing market credibility based on private investment and strong government support is a very important time."

The importance of national policies, strategies, and support was also emphasized. The association explained, "Private investment in Korea's biohealth industry is not high compared to the industry's characteristics, technological nature, and market size," adding, "Last year, the biohealth industry recorded the highest-ever growth rates in production and export value, and remarkable growth was also confirmed in the contract development and manufacturing organization (CDMO) and testing and analysis sectors."

The association stated, "We will continuously develop policies and present strategies reflecting the industry's innovation capabilities and technological advancement levels," and pledged, "We will strive to accelerate the government's efforts to improve public health and promote the growth of the biohealth industry."

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