Yoon: "National Policy Banks Should Lead Biohealth Investment" (Comprehensive)

Emphasizing Development as the "Second Semiconductor" through the 'Biohealth Strategy Meeting'
Designating the "Boston Cluster"... "To Empower Youth Leadership"
Ministry of Health and Welfare Aims to Create New Drugs Exceeding 1 Trillion Won in Sales and Train 110,000 Talents

President Yoon Suk-yeol has called for the role of national policy banks to be strengthened in order to enhance the capabilities of the biohealth industry. He urged them to lead financial investments in the biohealth sector, mentioning not only product planning but also the circulation of government funds. President Yoon stated, "We will develop the biohealth industry into the second semiconductor industry," and pointed to the 'Boston Cluster,' the U.S. bio-ecosystem centered around universities and hospitals where talent, investment, and companies converge, as a model.

On the morning of the 28th, President Yoon presided over the ‘Biohealth New Market Creation Strategy Meeting’ at the Blue House State Guest House, urging, "We must focus investments to transform medical, health, and care services into digital-based systems to secure a leading position in the global market."

President Yoon Suk-yeol is speaking at the Biohealth New Market Creation Strategy Meeting held on the 28th at the Blue House State Guest House.
[Photo by Yonhap News]

In this process, he also emphasized the role of national policy banks. President Yoon said, "To properly industrialize the digital and biohealth sectors, not only fiscal resources but also the role of banks is important," adding, "National policy banks have mainly managed assets focused on manufacturing during past industrialization processes, but I ask you to research ways to lead financial investments in the bio sector by developing various products beyond simple loans and ensuring government funds flow through national policy banks."

He particularly promised the establishment of a Korean version of the 'Boston Cluster.' Currently, Boston hosts prestigious universities in life sciences, large hospitals, startups, and global pharmaceutical companies. Centered on universities supplying talent, hospitals conducting clinical research, and companies commercializing these efforts, a self-sustaining bio-ecosystem has been formed. President Yoon emphasized, "We will actively consider establishing a Korean version of the Boston Cluster so that venture companies and young people can challenge and lead the biohealth sector."

He also mentioned institutional improvements for data utilization. President Yoon stated, "We will organize systems to ensure the biohealth industry gains competitiveness through data utilization," and added, "We expect the prompt passage of the Digital Healthcare Act pending in the National Assembly, which will protect privacy by pseudonymizing and de-identifying sensitive personal information while enhancing the competitiveness of the biohealth industry."

The government plans to overcome export crises through focused nurturing of the biohealth industry. President Yoon believes that combining Korea’s world-class medical technology with IT technology can secure a leading position in the digital healthcare market. He explained, "This has unlimited potential to create many good jobs."

In line with this, the Ministry of Health and Welfare reported detailed strategies to President Yoon. The core points include ▲ innovation in medical, health, and care services ▲ activation of biohealth industry exports ▲ strengthening research and development of advanced convergence technologies ▲ enhancement of biohealth professional workforce training and startup support ▲ and establishment of legal and institutional infrastructure.

First, the main project of the so-called ‘Health Information Expressway,’ an infrastructure that provides dispersed personal health information to individuals and medical staff in a standardized form, will begin operation in June. The plan also includes creating more than two blockbuster new drugs with annual sales exceeding 1 trillion won within five years and doubling medical device exports to become the world’s fifth-largest exporting country. It also encompasses the rapid development of next-generation antibody drugs using data and artificial intelligence and the training of 110,000 customized professionals.

President Yoon urged, "It is desirable to major in medicine and enter the scientific field, and the Ministry of Health and Welfare, Ministry of Education, and Ministry of Science and ICT should swiftly prepare ways to nurture physician-scientists from a national strategic perspective," adding, "While nurturing new talent is important, please actively promote conditions that allow current researchers in science and technology and medical professionals to collaborate."

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