Launch of the Pharmaceutical Bio Healthcare Alliance to Establish a Hub for the Healthcare Industry

Six organizations, including the Korea Pharmaceutical and Bio-Pharma Manufacturers Association and the Korea Smart Healthcare Association, held a meeting on the 13th at the Grand Intercontinental Seoul Parnas in Gangnam-gu, Seoul, and formed the "Korea Pharmaceutical Bio-Healthcare Alliance." Choi Byung-hyun, Secretary General of the Advanced Regenerative Medicine Industry Association; Baek Seung-yeol, President of the Korea Pharmaceutical Importers and Exporters Association; Kim Se-yeon, President of the Korea Smart Healthcare Association; Won Hee-mok, President of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association; Lee Jung-seok, President of the Korea Bio-Pharmaceutical Association; and Hong Sung-han, Director of the Korea New Drug Development Research Association (from left), are posing for a commemorative photo.

[Asia Economy Reporter Chunhee Lee] The healthcare industry, which was recently rapidly growing within the health and medical sectors traditionally represented by the pharmaceutical and bio industries, is now seeing the launch of the 'Korea Pharmaceutical Bio Healthcare Federation' as a central hub to seek joint development among existing organizations.

On the 16th, six organizations?the Korea Pharmaceutical and Bio Association, Korea Smart Healthcare Association, Korea Bio-pharmaceutical Association, Korea Pharmaceutical Import-Export Association, Korea New Drug Development Research Association, and Advanced Regenerative Medicine Industry Association?announced the formation of the Korea Pharmaceutical Bio Healthcare Federation. These organizations each lead innovative growth in domestic pharmaceutical, bio, digital healthcare, and customized advanced regenerative medicine industries. Combined, their member companies total 957 (with some overlap), indicating a large scale.

The representatives of these six organizations held their first meeting on the 13th at the Grand Intercontinental Seoul Parnas in Gangnam-gu, Seoul, officially launching the federation. The participating organizations agreed to work together with their member companies to promote the development of the pharmaceutical, bio, and healthcare industries, enhance public awareness, and actively present opinions to the government and National Assembly on industry issues.

The main activity directions include ▲establishing and urging the implementation of bold government support and nurturing plans for the pharmaceutical, bio, and healthcare industries ▲proactively proposing and sharing agendas related to digitalization and convergence in the era of the Fourth Industrial Revolution ▲distributing joint press releases and statements on current issues of participating organizations ▲and proposing pledges to support the pharmaceutical, bio, and healthcare industries.

The federation will first build consensus on current issues and share the latest trends by regularly holding joint forums involving member companies from each organization. The forums will be hosted alternately by each organization every two months. The representatives agreed to start as early as next month. The six organization heads will serve as co-representatives. The Korea Pharmaceutical and Bio Association will act as the secretariat to support smooth federation activities such as forum preparations, with Executive Director Jaeguk Lee of the Korea Pharmaceutical and Bio Association serving as the working secretary.

Won Hee-mok, chairman of the Korea Pharmaceutical and Bio Association who proposed the federation's formation, explained the purpose of the launch, saying, “The era surrounding pharmaceutical, bio, and healthcare is rapidly changing with convergence and digital transformation. This federation will serve as a central hub for open innovation collaboration to promote mutual cooperation and development within the related industries and to discover and respond to common agendas.”