Biohealth geared for growth
By Cho KyooHongOn Jan. 9, the Ministry of Health and Welfare reported to President Yoon Suk Yeol concerning its 2023 plan, of which the main tasks include leaping forward as a leading country in the field of biohealth through human resource cultivation, deregulation and export support. Noting that a large number of quality jobs can be created as the biohealth industry grows, President Yoon called for strong support from the government for domestic enterprises to be up to global standards, which requires a tax benefit corresponding to that of the semiconductor sector, capacity development and a solid industrial ecosystem.The global pharmaceutical and medical device markets are valued at roughly 1,400 trillion won and 600 trillion won, respectively. The emerging digital healthcare market is projected to reach 700 trillion won by 2027, which is equivalent to the Republic of Korea's top export industry, the semiconductor industry. As such, the global healthcare market presents a great opportunity we must take advantage of.Minister of Health and Welfare Cho Kyoo-hongGlobal supply chain re
Jan 30, 2023By Lee Hyo-jin