Elevating Bio-Health as the Nation’s Key Strategic Industry: Pres. YoonNews
Good evening, The organic health industry. The sector’s development into one of South Korea’s strategically most important industries was the focus of President Yoon Suk-yeol’s weekly economic emergency meeting this Wednesday.
Our Presidential Office correspondent, Yoon Jung-min, tells us more.
South Korea will promote its bio-health sector to develop it into one of the country’s strategic core industries.
This is President Yoon Suk-yeol as he toured Seoul National University Bundang Hospital’s Healthcare Innovation Park south of Seoul on Wednesday.
“The government has plans to promote the bio-health industry as a key strategic sector for the country. We will also expand financial support, such as establishing a K-Bio Vaccine Fund, so companies can focus on developing new blockbuster drugs and vaccines. “
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This requires a reduction in bureaucracy in order to accelerate the approval of AI-supported and digitally innovative medical devices.
“We will present regulatory innovation plans for new companies in the bio-health sector to increase predictability in the market and provide more support for the commercialization of innovative technologies.”
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The president’s top economic aid said Yoon has called for the need for a bio-health cluster, similar to the biotech hub in the greater Boston area.
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“The government plans to focus on boosting bio-health infrastructure, including regulatory innovation, raising the workforce and supporting research and development. We will provide financial, tax, location and licensing support to ensure private investment worth KRW 13 trillion is implemented as planned. “
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The Boston area is home to more than 1,000 biotechnology companies, ranging from small startups to multi-billion dollar pharmaceutical companies, and proximity to leading academic institutions gives the area a large network of scientists and access to generous public and private funding.
Yoon Jung-min, Arirang News.