The Korea Pharmaceutical and Bio-Pharma Industry Association emphasized that new drug development should be established as a national future growth driver and that support must be increased.
On the 18th, the Korea Pharmaceutical and Bio-Pharma Industry Association published its 28th policy report under the theme "Jump to a leading country in new drug development, overcoming challenges for K-Pharma" to mark its 80th anniversary. Chairperson Lee Kwan-soo of the 80th Anniversary Commemorative Business Committee diagnosed that investment and support for new drug development in the domestic pharmaceutical and bio-industry are declining.
The Chairperson noted, "The biggest problem is that capital inflow into new drug development has drastically decreased," adding, "Moreover, there is still a severe shortage of talented individuals needed for new drug development, which is a future food industry at a national level."
He stated, "It is urgent to establish an organization that can efficiently implement new drug development as a national future growth driver at the National Bio-Commission," and stressed, "In the private sector, it is necessary to constantly think about value creation step by step and focus on areas where it can perform well, considering limited resources and the development speed."
The association presented a vision for the pharmaceutical and bio industry, stating goals such as achieving more than 15% of sales from new drug R&D investments and creating five global blockbuster drugs (with sales over 1 trillion won). The Chairperson viewed these goals as challenging, yet believes that if public and private capabilities are combined, it can stand tall as a new drug powerhouse.
Industry representatives also emphasized the importance of new drug development. Oh Se-woong, Vice President of Yuhan Corporation, suggested strategies for growing into a strong new drug development country, including persistent research and development investment, cultivating medical scientists and development experts, activating and supporting bio-ventures, securing innovative platform technologies and early pipelines, and accumulating late-stage clinical development capabilities.
Lee Dong-ki, CEO of OliX Pharmaceuticals, also emphasized the need to promptly resolve field concerns and provide systematic support that can play a leading role when necessary. He noted that because research and clinical development incur enormous expenses, there is a need for a specialized listing management standard for new drug development biotech, as it could violate the corporate tax deduction criteria for continuous business losses.
Moon Yeo-jeong, Executive Director of IMM Investment, stated, "New drugs are not completed overnight like Rome. To reach the market, we need patience and investment, as well as a deep understanding and sympathy for the industrial ecosystem to overcome long development periods, complex regulations, and intense competition," and emphasized, "To avoid missing the opportunity for the second leap of the pharmaceutical and bio industry, each axis of policy, research, and investment must understand each other's language and work together as a single ecosystem."