The South Korean government has gone on to hold the Bio Innovation Roundtable at Songdo Convensia in Incheon as per the theme K-Bio: Accelerating Innovation. The Ministry of Food and Drug Safety, the Ministry of Economy and Finance, the Ministry of Trade, Industry and Energy, the Ministry of Health and Welfare, the Ministry of Science and ICT, and the Ministry of SMEs and Startups went on to participate alongside the leaders from the Korean biopharma market, industry, associations, and organizations, with almost 130 participants in attendance.
The biopharmaceutical industry happens to be emerging as a major sector throughout multiple dimensions: be it economic – a new engine of growth; social, which is directly linked to health and life; or security, which takes into account pandemic preparedness as well as supply-chain resilience. The roundtable went on to serve as a platform for government, universities, industry, and research institutes, as well as investors, so as to share views and at the same time look out for strategies so as to secure a global leadership within the Korean biopharma market.
The South Korean government has also set its vision in terms of K-Bio Pharmaceuticals: Leaping to Become a Global Top Five Power and is going to speed up innovation so as to achieve objectives of doubling bio-pharmaceutical exports by 2030 and also creating three blockbuster new drugs, along with ranking third across the world in clinical trials.
The government will move toward user-centered regulatory reform in order to drive progress. It will proactively take into account the regulations so as to support the fast release of new medicines that get to be developed with advanced technologies and will at the same time ease Phase 3 clinical needs when it comes to biosimilars. The government will also speed up the growth by connecting technology, talent as well as capital. It is going to support the development of AI- and robotics-driven automated laboratories and AI-based drug discovery, as well as, along with it, gene and cell therapies so as to drive a major transformation within the AI-bio-pharmaceutical technology.
The South Korean government also has plans to establish biomedical big data coming from one million Koreans and at the same time also advance a platform pertaining to its integration and sharing. Moreover, it also has plans to train 110,000 field-ready specialists and also widen funds of the government in order to make the biopharmaceutical investment market stronger throughout the complete cycle of new drug development.
