According to Yonhap News,

(SEOUL=Yonhap News) Prime Minister Hwang Kyo-ahn announced March 30 that the government will proactively develop the bio-health industry to place Korea as one of the world's top seven bio-health leaders and help realize the creative economy.

Hwang attended the Opening Ceremony of Bio Korea 2016 and stated that the bio-health industry, including the development of pharmaceutical products and bio-engineering technology, is growing as a new high value added industry.

"A growing number of countries are becoming more interested in healthy living due to rapid population aging and the introduction of new diseases, such as the Zika virus. To date, the global bio-health market amounts to USD 7.2 trillion," he mentioned.

He also emphasized the need to establish a special committee overseeing the policies for the bio-health sector in order to prepare measures to support relevant tax, financial and medical fee systems.

"We will strive to develop new drugs, high-tech medical equipment, genetics & stem cells and precision & regenerative medicine into new growth engines to revive the economy and create more jobs. We will lift unnecessary regulations that are in the way of developing technologies and promoting startups," said Hwang.

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