The Biohealth Innovation Committee, a pan-governmental coordinating body established to foster the biohealth industry, was launched on the 17th. This move addresses industry criticisms that government tasks related to biohealth, such as pharmaceuticals and medical devices, have been fragmented across different ministries and sectors. To promote the biohealth industry, which the government has designated as the second semiconductor industry, close support from multiple government ministries is required throughout various stages, from clinical phases to technology development, product commercialization, insurance listing, and global expansion.
According to the Ministry of Health and Welfare, on this day, a presidential decree was enacted to establish the Biohealth Innovation Committee to support the convergence and fusion of advanced technologies and biohealth. The committee will formulate mid- to long-term strategies concerning digital healthcare, bio big data, advanced regenerative medicine, health security, and the development of therapeutics and vaccines. It will also serve as a comprehensive and multidimensional policy coordinator, covering research and development (R&D), policy finance, tax support, regulatory and legal improvements such as approvals, workforce training, and global market entry.
The launch of the committee, which serves as a pan-government control tower for fostering the biohealth industry, has been a long-standing wish of the industry for 10 years. An industry official evaluated, "With the launch of this committee, we see the foundation laid for the government’s various biohealth-related policies to connect smoothly like flowing water."
The chairperson of the Biohealth Innovation Committee is the Prime Minister. In addition, ministers from 12 government ministries, including the Ministry of Health and Welfare, Ministry of Economy and Finance, Ministry of Education, Ministry of Science and ICT, Ministry of Foreign Affairs, Ministry of Trade, Industry and Energy, Ministry of SMEs and Startups, Office for Government Policy Coordination, Personal Information Protection Commission, Ministry of Food and Drug Safety, Korean Intellectual Property Office, and Korea Disease Control and Prevention Agency, as well as private experts, participate as committee members. Moreover, the committee will intensively review and deliberate policies for full-cycle support of biohealth technology development, product commercialization, insurance listing, and market entry through pan-governmental collaboration.
The committee was launched following the government’s announcement on February 28 of the ‘Biohealth New Market Creation Strategy.’ As the global pharmaceutical market is expected to grow rapidly, it has become an era where a well-developed pharmaceutical company can become a national competitive advantage. The government aims to create two global blockbuster new drugs and nurture more than three global-level pharmaceutical bio companies by 2027 to expand the domestic market, which currently ranks 13th in the global pharmaceutical market.
The committee’s first meeting will be held next month. Hwang Seung-hyun, head of the Ministry of Health and Welfare’s Global Vaccine Hub Promotion Team, said, "Through the committee, we will unite public and private capabilities so that the biohealth industry can become a future food source and a core national strategic industry."
President Yoon Suk-yeol speaking at the Biohealth New Market Creation Strategy Meeting held at the end of February [Image source=Yonhap News]
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