Incheon: President Lee Jae Myung announced Friday that the government plans to ease regulations in bio research and development (R and D) while expediting certification processes to establish the bio industry as a new growth engine. Lee expressed his commitment during a televised discussion in Incheon, attended by approximately 60 executives from biotech and pharmaceutical companies.
According to Yonhap News Agency, Lee emphasized the government's role in supporting companies to operate independently and creatively. He highlighted the importance of accelerating certification procedures for R and D, ensuring that the process remains transparent and fair. Lee also promised an "open approach" to industry requests for regulatory easing and stressed the need to build a fair ecosystem that prevents monopolies by certain sectors or companies.
During the discussion, the government revealed its plan to double biopharmaceutical exports and position South Korea among the world's top five bio industry leaders by 2030. South Korea, known for its advanced contract development and manufacturing (CDMO) capabilities and successful biosimilars, exported $8.5 billion worth of biopharmaceuticals last year, placing it among the world's top 10.
To achieve these goals, the government outlined strategies to shorten the approval review period for biosimilars and reduce the time required for health insurance fast-tracking. These measures aim to accelerate the market entry of new pharmaceutical products and solidify South Korea's standing in the global bio industry.