President Lee Vows Regulatory Innovation to Foster K-Bio: "We Will Remove Obstacles to Industrial Growth"

CEOs of Samsung Biologics and Lotte Biologics Attend
Announcement of the "K-Bio Pharmaceutical Industry Leap Forward Strategy"

On September 5, President Lee Jaemyung held a corporate forum with leaders from the bio-pharmaceutical industry under the theme "K-Bio: Accelerating Innovation" at Songdo Convensia in Incheon, where he listened to a variety of voices from the field. This event was part of his commitment to foster the bio industry as a core sector for South Korea, alongside semiconductors.

Yonhap News Agency

More than 130 experts attended the forum, including representatives from bio companies such as Samsung Biologics, Lotte Biologics, and SK Bioscience, as well as related associations, organizations, and academia. From the government, over 20 officials were present, including the Minister of Economy and Finance, the Minister of Science and ICT, the Minister of Health and Welfare, the Minister of Trade, Industry and Energy, the Commissioner of the Ministry of Food and Drug Safety, and the Vice Minister of SMEs and Startups. Lawmakers from the National Assembly, including Park Jumin of the Democratic Party of Korea, as well as Han Jeongae and Heo Jongsik, also participated.

Before the main discussion, a joint ministerial presentation was given on the "K-Bio Pharmaceutical Industry Leap Forward Strategy," followed by a heated open discussion aimed at enhancing policy effectiveness.

In his opening remarks, President Lee stated, "Thirty years ago, Songdo was a mudflat, but today it has grown into a global bio hub where world-class bio-pharmaceutical companies and innovative small and medium-sized enterprises gather." He encouraged the industry by adding, "Just as our semiconductor industry did, our bio-pharmaceutical sector is now catching up with the capabilities that global pharmaceutical powerhouses have built over more than a century, and we are doing so in just a few decades."

President Lee also emphasized, "The K-Bio pharmaceutical industry is a future growth engine for our economy and a core sector contributing to global health security. With outstanding research talent, world-class manufacturing infrastructure, and international trust, South Korea has more than enough capacity to become a global bio powerhouse." He added, "Going forward, we will boldly provide policy support to fully unleash the creativity and dynamism of the private sector."

In particular, regarding the situation where it takes more than a year from the completion of clinical trials to market launch, he said, "While maintaining the fundamentals of regulation, the government will innovate to ensure that regulations do not become obstacles to industrial development."

The subsequent open discussion was divided into two sessions: "Regulatory Innovation" and "Strengthening Growth and Global Competitiveness." The Office of the President explained, "Based on the feedback gathered from this forum, we will rapidly push forward the 'K-Bio Pharmaceutical Industry Leap Forward Strategy' to develop the bio industry into a sustainable, core growth engine for the future."