[Reporter’s Notebook] Rapidly Growing K-Bio... Insufficient Policy Support

"Korea, once a supporting actor at BioUSA, has now become a definite lead."

The Samsung Biologics booth set up at the BIO International Convention 2023 (BIO USA), held in Boston, USA from the 5th to the 8th (local time), is bustling with visitors.
[Photo by Lee Chunhee]

At the ‘Bio International Convention (BioUSA)’ held from the 5th to the 8th (local time) in Boston, USA, domestic and international figures unanimously expressed this sentiment. BioUSA is the world’s largest bio and pharmaceutical exhibition. Having attended for two consecutive years, the reporter felt the energy of a different ‘K-Bio’ compared to last year.

First, even quantitatively, a clear growth trend was achieved. Before the opening, 544 companies announced their participation, doubling the number of participating companies compared to the previous year, and the actual number of attendees was about 1,000, the second highest after the United States. The number of partnering meetings, which serve as clues to tangible achievements, also increased by 64% to 394 based on the Korea Pavilion organized by the Korea Bio Association and KOTRA compared to last year. Samsung Biologics, a leading domestic bio company, led by CEO John Rim, deployed key personnel and set up the second largest booth among participating companies, while Celltrion and Lotte Biologics also prepared large booths for active promotion.

Before COVID-19, Korea was perceived as a peripheral player in the global bio industry, but now it has established itself as a core region with a solid reputation. However, there are still many challenges to leap into a truly global top-tier status, such as the absence of globally blockbuster new drugs developed domestically.

Key figures met on-site pointed to active government support as a solution. Although the government has recently introduced plans to foster ‘bio clusters’ and is making efforts, more effective support is needed. Robert Langer, co-founder of Moderna and a world-renowned scholar who accompanied President Yoon Seok-yeol during his visit to Boston, repeatedly emphasized that "incentives must be provided to create products that can change the world," highlighting the positive role the government should play. Noh Yeon-hong, president of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association, called for ‘customized cluster support,’ and Ko Han-seung, chairman of the Bio Association, also demanded expanded tax benefits for research and development, reflecting practical requests.

Despite the government’s successive support measures, skepticism persists within parts of the industry. Concerns remain that the Digital Biohealth Innovation Committee, promised by President Yoon as a campaign pledge, has yet to be established, raising fears that it might remain a ‘talk fest.’ This is a far cry from the U.S. government’s approach, which has issued ‘executive orders’ to provide cross-ministerial support. For Korea’s bio industry, which is racing toward global leadership, swift and substantive government support is essential.

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