[Bio USA] Korea Bio Association Vice Chairman Lee Seungkyu Warns: "Korean Bio Industry Could Fall Behind Within 5 Years"

"Japan, Thailand, and Indonesia Are Rapidly Catching Up Through Massive Investments"

Seungkyu Lee, Vice Chairman of the Korea Bio Association, warned that "the Korean pharmaceutical and bio industry could fall behind within five years."

Seungkyu Lee, Vice Chairman of the Korea Bio Association, is holding a press conference at the Korean Pavilion booth at the "2025 Bio International Convention 2025" held in Boston, USA, on the 16th (local time). Photo by Taewon Choi

On the 16th (local time), at a press conference held at the Korean Pavilion booth during the 2025 Bio International Convention 2025 (Bio USA) in Boston, USA, Lee stated, "Not only Japan, but also Thailand and Indonesia are catching up to Korea at a frightening pace through massive investments and aggressive management." He added, "At this rate, the Korean pharmaceutical and bio industry could lose its competitiveness in as little as three years, or at most five years."

He pointed out that although the Korean pharmaceutical and bio industry has rapidly grown as a fast follower, it now needs to take on the role of a first mover in order to survive. He emphasized that the most urgent issue to address is the industry's ambiguous position in the global pharmaceutical sector. He said, "Unlike Japan, Korea does not have experienced global big pharma companies, and frequent changes in government policy are also a source of instability." He warned, "If we do not achieve a clear positioning through a quantum leap, we will be overtaken by latecomers."

To address this, he suggested that the government should ease regulations and support growth led by private companies. Lee said, "Personally, I believe the era in which the government drives industrial development is over." He continued, "It is necessary for the government to provide support through a negative regulatory approach, and for development to be driven by private companies."

He further added, "What I hope this government will do is not only provide substantial (financial) support, but more importantly, create an environment where companies can take the lead, rather than the government steering the industry."

He also stated that the social perception of failure needs to change. He said, "Companies also grow through failure," and added, "An environment that fosters the creation of global blockbusters must be established. However, if companies continue to be criticized for failing as they are now, they will inevitably become discouraged."

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