South Korea Aims to Establish Biohealth Industry as Strategic Sector, Following Success in Semiconductor and Biopharmaceutical Production
April 5, 2023South Korea has made significant achievements over the years in the biohealth industry, establishing the world’s second-largest biopharmaceutical manufacturing capacity. South Korea continues to drive the effort in the biohealth industry, which will lead to more Korean players in the U.S. market.
The South Korean government has recently announced its plan to provide support for the growth of the nation’s biohealth industry, aiming to establish it as a significant and strategic sector in the nation, similar to the semiconductor industry. South Korean President Yoon Suk Yeol plans to provide full support to create a Korean version of the Boston Biotech Cluster. President Yoon also urged lawmakers to pass the digital healthcare bill that would protect personal data while boosting the industry’s competitiveness through data usage.
In line with President Yoon’s orders for biohealth and digital healthcare development, the Ministry of Health and Welfare proposed new strategies with the following five core tasks to achieve the objectives of making new digital markets and activating biohealth exports.
- “Innovation of data-driven medical, health, and care services;
- Activation of exports of the bio-health industry;
- Ramp up of R&D in advanced convergence technologies;
- Development of advanced bio-health experts and increase of startup support;
- Establishment of laws, frameworks, and infrastructure.”
The Ministry of Health and Welfare also announced that it will pursue regulatory innovation in the following seven core areas of the biohealth industry for protecting public health and promoting 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”
We are excited to hear that South Korea is investing in the growth of the biohealth industry and promoting digital healthcare. This effort shows a strong commitment to the development of its biohealth industry and, if implemented effectively, could potentially position South Korea as a significant player in the industry globally. As this blogger is originally from South Korea, we look forward to working with many Korean companies to bring their innovative products to the U.S. market.