Noh Yeonhong, Chairman of the Pharmaceutical Bio Association, "Government Promotion Strategy Must Be Implemented Quickly"

No Yeonhong, chairman of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association, stated that "the government's industrial promotion and support policies must be implemented swiftly and systematically" for the growth of the pharmaceutical and bio industry.

Noh Yeon-hong, Chairman of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association, is speaking at the inauguration press conference held on the morning of the 29th at the auditorium on the 4th floor of the Pharmaceutical Hall in Bangbae-dong, Seocho-gu, Seoul.
[Photo by Korea Pharmaceutical and Bio-Pharma Manufacturers Association]

At an inauguration press conference held on the morning of the 29th at the Korea Pharmaceutical and Bio-Pharma Manufacturers Association headquarters in Seocho-gu, Seoul, Chairman No said, "I believe it is a very timely measure that the government has presented ambitious goals to leap into a global hub for pharmaceuticals and bio, along with core strategies and execution plans to realize this." However, he added, "Achieving the goal of becoming one of the top six global pharmaceutical and bio powers by 2027, as the government aims, does not seem easy. If the strategy is not implemented quickly, it will be difficult to meet the target," urging rapid progress.

Earlier, the government held the Pharmaceutical Industry Promotion and Support Committee meeting and approved the '3rd Comprehensive Plan for Pharmaceutical and Bio Industry Promotion and Support.' The plan includes four major support strategies: ▲expanding research and development (R&D) investment ▲strengthening investment and export support ▲nurturing convergence talents ▲regulatory innovation and expansion of supply chain infrastructure, along with ten key tasks. Chairman No’s remarks appear to reflect this support plan.

Chairman No also requested the prompt establishment and full operation of the Digital and Biohealth Innovation Committee directly under the Prime Minister, which was announced by the government. He cited the tight timeline for deciding the committee’s composition and operational form. He also called for innovation in the government’s R&D support policies, including the creation of a large-scale policy fund to develop blockbuster innovative new drugs and expand exports. Furthermore, he demanded extraordinary measures to realize the localization of active pharmaceutical ingredients (APIs), as APIs are essential to pharmaceutical sovereignty amid accelerating global supply chain competition.

He also presented the pharmaceutical and bio industry’s goals, including the creation of blockbuster-level new drugs and doubling pharmaceutical exports. Chairman No said, "Through the activation of the new drug development technology trading platform (K-SPACE) established by the association, expansion of R&D investment, and the formation of a mega fund, we will create an ecosystem capable of producing two blockbuster new drugs by 2027." He added, "We will accelerate entry into emerging Asian markets as well as the U.S. and Europe, expand distribution channels, and fully pursue global markets to double pharmaceutical exports."

On the morning of the 29th, the 'No Yeonhong Inauguration Press Conference of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association' was held in the auditorium on the 4th floor of the Pharmaceutical Hall in Bangbae-dong, Seocho-gu, Seoul.
[Photo by Korea Pharmaceutical and Bio-Pharma Manufacturers Association]

During the subsequent Q&A session with reporters, Chairman No emphasized the importance of R&D costs. He said, "I consider R&D costs the most important, but the pharmaceutical and bio industry lacks sufficient capital capacity. Since absolute costs are insufficient, limited funds must be used effectively."

He also expressed his ambition to lead the association so that the pharmaceutical and bio industry can achieve tangible results. Chairman No stated, "The pace of change in the industry is accelerating with digital transformation, bio innovation, and artificial intelligence (AI). The association must unite and produce concrete results at a faster pace." He added, "The domestic and international environment surrounding the pharmaceutical and bio industry is changing rapidly, and if we do not stay alert, we will perish. I will strive to meet public expectations with concrete results by cooperating with the industry without limiting the association’s role."

Chairman No passed the 27th Administrative Examination and served as Director of the Health Insurance Benefits Division and Director of the Health and Medical Policy Bureau at the Ministry of Health and Welfare, as well as Health and Welfare Secretary at the Presidential Office. He also served as Commissioner of the Korea Food and Drug Administration and Senior Secretary for Employment and Welfare at the Presidential Office. Subsequently, he was Vice President of Gachon University, Chairman of the Drug Benefit Evaluation Committee at the Health Insurance Review and Assessment Service, and legal advisor at Kim & Chang law firm. Last year, he participated as a special COVID-19 committee member of the Presidential Transition Committee.

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