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Announcement of 「New Bio-Health Industry Regulation Innovation Plan」

  • Date : 2023-03-13
  • Hit : 1125

On Thursday, March 2, the Ministry of Health and Welfare, led by Minister Cho KyooHong, announced the New Bio-Health Industry Regulation Innovation Plan at the Third Regulatory Innovation Strategy Meeting (presided over by the prime minister).

The Plan comes on the heels of the strategies for creating new bio-health markets announced at the interdepartmental meeting held on February 28. The government is seeking innovation of bio-health regulation to create the foundation needed for S. Korea to grow into a global digital and bio healthcare leader.

The bio-health industry is a promising new industry owing to its potential for rapid growth*, given the aging population trend worldwide and a rising global need for good healthcare. Its importance also prioritizes the health security domain which involves vaccines and other treatments needed to protect people's lives, health, and safety.

* The Korea Health Industry Development Institute predicts the global bio-health market will grow at an annual average of 5.4% until 2027

Korea’s bio-health industry has made significant achievements over the years, including developing the world's second-largest capacity to produce bio-pharmaceuticals, but the global bio-health market* is so vast that there is still massive room for growth of the domestic bio-health industry.

* In 2021, the Korean pharmaceutical market and medical device market tallied a mere 1.7% and 1.8%, respectively, of the sizes of their global counterparts (Korea Health Industry Development Institute)

Through interdepartmental cooperation, the Ministry of Health and Welfare will pursue regulatory innovation in the following seven core areas* of bio-health emphasized for their importance in protecting public health and promotion of innovation by the private sector.

* Innovative medical devices, Innovative and essential pharmaceuticals, Digital health care, Advanced regenerative medicine and advanced bio-pharmaceuticals, DNA tests Brain-machine interface, Infrastructure

※ Please refer to the attached for further details
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