Bio Association "Bio Investment Must Expand... Support Talent Development and Regulatory Innovation"

The Korea Bio Association expressed its "full support" for the announcement of a strategy to foster a superpower in six advanced industries, including bio, at the 14th Emergency Economic and Livelihood Meeting presided over by the President.

The Bio Association stated on the 15th, "We sincerely welcome the Yoon Seok-yeol administration's announcement of full government-level support to leap forward as a bioindustry powerhouse."

The association assessed the current status of Korea's bioindustry, saying, "While the production capacity of biopharmaceuticals and the competitiveness of specific products such as biosimilars have reached a global level, the overall scale of the domestic bioindustry still lags behind advanced countries and major global markets." According to the association, Pfizer, the world's number one bio company last year, recorded sales of about $100.3 billion (approximately 123 trillion KRW). Compared to the sales of the largest domestic bio company, which is about 3 trillion KRW, there remains a significant gap.

Furthermore, the association explained that recent investment contraction in the domestic bio sector has caused difficulties in financing and revitalizing research and development (R&D). The association emphasized, "It is necessary to expand government-level R&D support, establish large-scale funds, and increase tax incentives to enhance investment support for the bioindustry."

They also called for continuous support measures to nurture outstanding talent. Although universities are producing bio majors, many companies have to provide practical training from the basics after hiring talent. The association stated, "Our government is actively investing in customized training of pharmaceutical production personnel through practical public infrastructure, which is expected to significantly help the industry in the future," and added, "In addition to production, various field-oriented personnel training programs covering the entire pharmaceutical lifecycle, including development, clinical trials, and regulatory approval, should also be expanded."

The association also expressed the need to promote regulatory innovation policies to create demand. They said, "The government needs to establish an advanced regulatory system that meets global standards and can proactively respond to cutting-edge bio new technologies, continuously expand specialized review personnel, and provide support from the regulatory perspective."

Finally, the association stated, "We hope that the announced strategies and tasks will be continuously and systematically promoted at the government-wide level," and added, "Our bio industry will also strive harder to ensure that the bioindustry has global competitiveness and contributes to Korea's industry and economy."

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