2nd Vice Minister of Health and Welfare Park Minsoo Discusses Global Expansion Strategies with Bio Venture Start-ups Developing Global New Drugs
- Date : 2023-05-24
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2nd Vice Minister of Health and Welfare Park Minsoo Discusses
Global Expansion Strategies with Bio Venture Start-ups
Developing Global New Drugs
- 2nd Vice Minister Park met with six bio venture start-ups to discuss global expansion -
On May 17, the Ministry of Health and Welfare (MOHW, Minister Cho KyooHong) held a meeting at the Biohealth Innovation Start-up Center which was presided over by the 2nd Vice Minister Park Minsoo, with bio venture start-ups* that are currently developing global new drugs.
* Participating start-ups: Alteogen, LegoChem Biosciences, AriBio, D&D Pharmatech, Mezzion, Orum Therapeutics
The meeting was held to listen to opinions on the effectiveness of government policies and challenges facing the industry under the subject of ‘Strategies for Developing Global New Drugs and Action Plans.’
The participating bio venture start-ups are currently working on the second or third phases of global clinical trials in the U.S., Germany, China, and other countries, and the meeting focused on discussing challenges and obstacles that these companies encounter when they conduct clinical trials on a global scale.
In addition, they engaged in in-depth discussions on government policies, including ▲ supporting global clinical trials, ▲ securing qualified researchers, and business developers ▲ consulting for technology export, and ▲ revising the drug pricing system to ensure fair-value compensation for innovative new drugs.
MOHW plans to form and operate the ‘Public-Private Joint Council for Global Expansion (tentative name)’ to improve communication with bio and pharmaceutical companies that are seeking to expand into the global market.
The 2nd Vice Minister Park said, “The government will provide as much financial and policy support as possible to help local bio venture start-ups be competitive globally and to ensure that all efforts by these companies produce tangible results.”