Pharmaceutical Bio Association "Welcomes Government's Bio Industry Development and Export Support Plan"

The government announced a comprehensive plan to foster the pharmaceutical and bio industries and promote exports, receiving a welcoming response from the industry.

Korea Pharmaceutical and Bio-Pharma Manufacturers Association building. [Photo by Korea Pharmaceutical and Bio-Pharma Manufacturers Association]

The Korea Pharmaceutical and Bio-Pharma Manufacturers Association issued a statement on the 26th, saying, "We welcome the government's announcement of the ‘3rd Five-Year Comprehensive Plan for Fostering and Supporting the Pharmaceutical and Bio Industry’ and the ‘Biohealth Industry Export Promotion Strategy’ aimed at advancing Korea as a global biohealth hub."

Earlier, on the afternoon of the 24th, the Ministry of Health and Welfare held a Pharmaceutical Industry Fostering and Support Committee meeting at the Korea Pharmaceutical and Bio-Pharma Manufacturers Association auditorium in Bangbae-dong, Seocho-gu, Seoul, where it approved the '3rd Comprehensive Plan for Fostering and Supporting the Pharmaceutical and Bio Industry.' The plan presented four major support strategies: ▲expansion of research and development (R&D) investment ▲strengthening investment and export support ▲training of convergence talents ▲regulatory innovation and expansion of supply chain infrastructure, along with ten key tasks to be prioritized.

The five-year comprehensive plan specifically aims to achieve by 2027: ▲creation of two global blockbuster new drugs ▲development of three global top 50 pharmaceutical companies ▲doubling pharmaceutical exports, thereby establishing Korea as one of the world’s top six pharmaceutical and bio powers. The association stated, "This reflects the government’s strong will to nurture the pharmaceutical and bio industry as a core national strategic industry," adding, "The industry’s expectations for this announcement are very high, as mid- to long-term support policies, clear direction, and bold investment are essential to strengthen industrial competitiveness."

The association explained that the government’s concrete policies for fostering the pharmaceutical and bio industry hold great significance. This is because the pharmaceutical and bio industry contributes to the universal value of healthy human life while prioritizing the health and life security of its own citizens. The association evaluated, "During the COVID-19 pandemic, Korea’s pharmaceutical and bio industry stably supplied high-quality medicines to the public," and "achieved the distinction of being the third country in the world to independently develop both COVID-19 treatments and vaccines."

The association also called for efficient and practical implementation plans to realize the outcomes of this plan. It predicted, "If the government’s strong industrial support will and swift regulatory easing are backed, the foundation for Korea to leap forward as a global pharmaceutical powerhouse will be established in a short period."

The association concluded by saying, "Going forward, our pharmaceutical and bio industry will meet the expectations of the government and the public by continuously innovating and investing in research and development to significantly enhance industrial competitiveness."