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Bio-health Industry to Achieve People-centered Innovative Growth

  • Date : 2019-05-22
  • Hit : 1722

Bio-health Industry to Achieve People-centered Innovative Growth

- The Korean government announced “Innovative Strategy on the Bio-health Industry” -
◼ Increase the global market share three times, hit USD 50 billion of export, and create 300K jobs
◼ Establish five big data platforms, raise government’s R&D investment to KRW 4 trillion, and improve regulations on review and approval
◼ Develop innovative new drugs to address rare diseases and protect health and life of the people
□ The Korean government announced “Innovative Strategy on the Bio-health Industry” on May 22, 2019. The announcement was jointly made by relevant ministries including the Ministry of Health and Welfare (MOHW), the Ministry of Economy and Finance (MOEF), the Ministry of Science and ICT (MSIT) and the Ministry of Trade, Industry and Energy (MOTIE).

* Time & Date: 10:50~11:35, May 22, 2019

** Participants: 300 attendees from relevant Ministries (Ministers of the MOHW, the MOEF, the MSIT, the Ministry of SMEs and Startups, Minister of the MFDS, and the Commissioner of the Korean Intellectual Property Office) and involved industries
□ The bio-health industry has enormous growth and employment potential, serving as a future key industry which contributes to public health. Major content of the Strategy is as follows;
○ Utilize big data, expand investment in policy financing and R&D, and improve regulations to match global standards under a strategy to create an innovative eco-system ranging from technology development, approval, production, market launch of the bio-health industry which is biopharma-based,
- Establish “National Bio Big Data” on up to a million people to be utilized in R&D on personalized new drugs and medical technology by 2029. Raise government investment in R&D to over KRW four trillion to develop innovative new drugs and medical devices by 2025.
- Reform regulations which do not match global standards including the approval period for medicines and medical devices to expand the global reach of the industry, while fully protecting the safety and life of the people.
- Develop a master plan on nurturing professionals in the bio-health field in line with the industry demand, create a cooperation mechanism for open innovation between leading companies and startups and venture firms, and encourage the use of domestic raw and subsidiary materials to seek joint growth of relevant industries, and
- Support joint export of advanced hospital systems and hospital information systems, medicines, medical devices, and stem cell plants.
○ The government plans to intensively nurture the bio-health industry into one of the next key industries of Korea along with non-memory semiconductors and future automobiles. This plan sets goals of increasing the global market share of the bio-health industry three times, hitting the export of USD 50 billion, and creating 300,000 jobs.
* “The bio-health industry” comprises manufacturing industries including medicines and medical devices and a service industry of health management.
□ “The development of the bio-health industry will lead to people-centered innovative growth by protecting the health and life of the public, promoting national economic growth, and creating jobs,” and
○ “As Korea boasts world-class IT infrastructure, hospital systems, medical data, and skilled personnel, Korea will be able to fulfill its potential to the fullest and grow into a global bio-health powerhouse,” said Neunghoo Park, Minister of Health and Welfare.

<Reference> Main Tasks under the Innovative Strategy on the Bio-health Industry

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