According to Yonhap News,

(SEOUL=Yonhap News) The government will inject 500 billion won (US$448 million) into the pharmaceutical sector over the next 10 years as part of efforts to become a global biotech and medical industry hub, with the goal of producing some 100 new drugs by 2026, the ICT ministry said Wednesday.

Under the plan announced by the Ministry of ICT and Science, South Korea aims to expand its presence in the global bio market from its current 1.7 percent to 5 percent by 2025.

"The bio industry has a pivotal role in providing more jobs in the future and will eventually serve as the country's new growth engine," said ICT Minister You Young-min.

In recent years, local bio companies have become more competitive on the global stage on the back of robust R&D spending and policy support from the government, the ministry said. However, South Korea still lags behind leaders in the development of new drugs, especially so-called blockbuster pills.

A total of 27 South Korean drugs have been permitted to reach the shelves of domestic drugstores since SK Global Chemical Co.'s anti-cancer injection Sunpla was first approved in 1999.

The government will expand financial support for drugs companies during their clinical trials, as developing new drugs is a long-term process that needs patience, officials said.

Under the goal, the government will expand R&D activities so that local drugs companies can create at least five blockbuster drugs with sales of over 1 trillion won by 2026.

Also, the government aims to create 120,000 new jobs in the sector in order to have 145,000 positions by 2025, as quality manpower is essential for the country to become a global powerhouse in the pharmaceutical sector.

The global bio market stood at 1.6 trillion won in 2015 and is forecast to expand to 4.4 trillion won by 2030, market watchers have said.

khj@yna.co.kr

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