Seoul: South Korea on Friday outlined a plan to help the biohealth industry double its exports by 2030 and join the world's top five.
According to Yonhap News Agency, the "K-Bio Leap Strategy" was unveiled at a seminar in Songdo, west of Seoul, where the government presented new targets for the industry. These targets include fostering three new blockbuster drugs and ranking third globally in clinical trials by 2030. South Korea, currently competitive in contract development and manufacturing services and biosimilars, ranks around 10th globally with biopharmaceutical exports of US$5.8 billion last year. The country aims to double its exports in the field within the next five years.
To accelerate market entry, the government plans to reduce the review period for biosimilars from 406 days to 295 days and cut the time for reimbursement listing under the national health insurance program from 330 days to 150 days. The global pharmaceutical market reached $1.74 trillion last year and is growing at an average annual rate of 4.7 percent, according to government data. Biopharmaceuticals are expanding even faster, at an annual rate of 11.9 percent.
President Lee Jae Myung hosted the seminar, joined by government officials and about 130 industry leaders, associations, and stakeholders to discuss regulatory reforms and growth plans. Lee expressed confidence in South Korea's ability to become a global bio powerhouse, citing the country's research talent and manufacturing capabilities. "We will incorporate feedback from the seminar to swiftly implement the K-Bio Leap Strategy and foster the biohealth industry as a sustainable growth engine," he said.