To foster the bio-health industry as the next-generation three flagship industries along with non-memory semiconductors and futuristic cars, the government will build bio big data, expand investment in R&D and improve licensing regulations.
By doing so, the government plans to more than triple its share of domestic medicine and medical devices in the global market from the current 1.8 percent to 6 percent by 2030, and achieve its goals such as $50 billion in exports and the creation of 300,000 more jobs.
The government announced the bio health industry innovation strategy on May 22 with attendance of President Moon Jae-in and ministers of relevant ministries.
"This is the best opportunity for us to go ahead of the global market for bio health," President Moon said, adding that the era of pharmaceutical and biotechnology industries leading our economy is not far away.
"Our companies are conducting a number of clinical trials around the world at this time," he said. "There will be blockbuster Korean medicine in the near future."
A plan has also been devised to build a new drug development platform based on artificial intelligence (AI) and nurture hospitals as innovation hubs for bio health research and ecology. The government will also expand its R&D investment and financial and taxational support to develop new innovative drugs.
The government will increase its R&D investment from 2.6 trillion won a year to more than 4 trillion won by 2025, in order to develop next-generation technologies such as targeted anti-cancer drugs using immune cells.
Under the latest innovation strategy, the government aims to increase its market share in pharmaceuticals and medical devices to 6 percent in 2030 from 1.8 percent in 2018 in the global market.
A government official said, "As Korea has a world-class IT base, hospital systems, medical data and talented people, it will be able to make a strong leap into a global bio health powerhouse if it exerts its potential."