Oh Yu-kyung, MFDS Commissioner, "Fix Old Regulations and Introduce Necessary Regulations for Drug Development"

On the 2nd, '2024 식약처장-Je-yak Bio CEO Breakfast Meeting' Held
Explanation of Regulatory Innovation 2.0 Achievements and This Year's Key Policy Directions

Oh Yu-kyung, Commissioner of the Ministry of Food and Drug Safety, met with CEOs of the pharmaceutical and bio industries on the 2nd and stated, "We will accelerate regulatory innovation by reforming outdated regulations and swiftly introducing new regulations necessary for the development of new technology drugs."

Photo by Ministry of Food and Drug Safety

At the '2024 MFDS Commissioner-Pharmaceutical and Bio CEO Breakfast Meeting' held at the Chosun Palace Hotel in Gangnam-gu, Seoul, Commissioner Oh said, "We ask the industry to continuously work together with the MFDS for the development of the pharmaceutical and bio industries."

About 100 participants, including Noh Yeon-hong, Chairman of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association, and CEOs from the pharmaceutical and bio sectors, attended the meeting to discuss the MFDS’s policy directions in the pharmaceutical field and the development directions of the pharmaceutical industry.

The MFDS explained to the industry the achievements of 'Food and Drug Regulatory Innovation 2.0' announced in June last year, amendments to the Pharmaceutical Affairs Act, and major policy directions in the pharmaceutical field. The Pharmaceutical and Bio-Pharma Manufacturers Association presented 'Promising Technologies and Policy Proposals for the Development of the Pharmaceutical and Bio Industry,' researched together with a global market research firm. Following this, a discussion among attendees on the topics took place.

Noh Yeon-hong, Chairman of the Pharmaceutical and Bio-Pharma Manufacturers Association, said, "Since the COVID-19 pandemic, the industry has felt the government’s strong will to foster the pharmaceutical and bio industries. In this context, this meeting was a meaningful occasion where the industry and the MFDS jointly considered development plans for advancing the country as a pharmaceutical and bio-centered nation."