President Yoon Seok-yeol announced on the 27th that he would foster the bio-health sector as a national key strategic industry.
President Yoon presided over the 4th emergency economic livelihood meeting at Seoul National University Bundang Hospital Healthcare Innovation Park in Gyeonggi on the same day and said, “The bio-health sector is directly related to the growth of our economy by protecting the health of the people and creating new high-income jobs.” said so.
First, President Yoon promised, “We will create a K-bio vaccine hub and expand financial support to help companies focus on developing new drugs and vaccines.” He also said, “We will drastically reduce the licensing and evaluation period for AI digital innovative medical devices so that they can be used quickly in the field, and we will dramatically improve regulations by prioritizing the direction of regulatory innovation in new industries.”
In line with this, the government plans to lower the licensing barriers in the bio-health industry and strengthen tax credits and financial support. The investment fund for pharmaceutical and bio companies will be set up to 500 billion won within this year and will be expanded to 1 trillion won in the future to support private investment in the bio-health sector, and the licensing process for innovative medical devices will be drastically reduced from 390 days to 80 days.
The meeting was attended by Choo Kyung-ho, Deputy Prime Minister of Economy, Lee Jong-ho, Minister of Science, Technology and Information and Communication, and Lee Chang-yang, Minister of Trade, Industry and Energy. In the Ministry of Health and Welfare, where a minister was not appointed, 2nd Vice Minister Lee Ki-il was present.
Prior to the meeting, President Yoon also toured IMGT, a research and development company for ultrasound devices for cancer treatment.
Correspondent Hong-eun Choi [email protected]
