Ministry of SMEs and Startups Explores Strengthening Bio Venture New Drug Development Capabilities with AI and Quantum Computing

Expert Roundtable Held to Advance the Pharmaceutical Bio-Venture Ecosystem

The Ministry of SMEs and Startups announced on the 10th that it listened to the opinions of experts and companies to discuss measures to advance the pharmaceutical bio-venture ecosystem at Yonsei Quantum Complex, Yonsei University International Campus located in Incheon.

The meeting held as a follow-up to the "Pharmaceutical Bio-Venture Innovation Ecosystem Creation Plan" announced at the Ministerial Meeting for Strengthening Industrial Competitiveness in January was organized to discuss strengthening the new drug development capabilities of bio-ventures using artificial intelligence (AI) and quantum computers and to establish Incheon as a global bio cluster.

Oh Young-joo, Minister of SMEs and Startups, is delivering a greeting at the "Expert Meeting for the Advancement of the Pharmaceutical Bio Venture Ecosystem" held on the 10th at Yonsei Quantum Complex, Yonsei University International Campus, Incheon. Provided by the Ministry of SMEs and Startups

Experts emphasized that AI and quantum computers can drastically reduce the time and cost of new drug development, providing a new leap forward for our bio-ventures, and thus active discussions and new attempts are necessary. Standard Hee Pyo, Deputy Director of the AI New Drug Convergence Research Institute, stated that they are planning AI new drug development R&D projects in collaboration with the Small and Medium Business Technology Information Promotion Agency. In-seok Han, head of the K-Bio Lab Hub project group, said that they will establish a K-Bio Lab Hub strategy to systematically support the new drug development capabilities of bio-ventures using quantum technology by building a partnership with Yonsei University's Quantum Project Group.

Furthermore, various opinions were presented on maximizing the opportunity factors and strengths of the regional bio-ecosystem through the activation of joint research between universities and companies, collaboration between pharmaceutical companies and venture companies in Incheon, and strengthening cooperation with global clusters such as Japan to establish Incheon as a world-class bio cluster.

Immediately after the meeting, Minister Oh Young-joo of the Ministry of SMEs and Startups visited the Quantum Computer Center, the first of its kind established domestically, listened to Yonsei University's plans for utilizing quantum computers, and discussed cooperation measures with venture companies. Minister Oh said, “To secure a super-gap in the bio sector, the use of AI and quantum computers presents new opportunities, and the activation of the regional bio-ecosystem is essential for the advancement of the national bio-ecosystem,” adding, “Since the K-Bio Lab Hub is being established here in Songdo, Incheon, we will spare no support to help it grow into a world-class bio cluster specialized in new drug development.”