The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Royal palaces in Seoul offer free access during Chuseok holiday

  • 3

    Travis King in US custody after expulsion by N. Korea: Washington officials

  • 5

    Koreans adapt to soaring food prices

  • 7

    American soldier who crossed into North Korea arrives back in the US, video appears to show

  • 9

    Blinken to release Chuseok message for S. Koreans for 3rd year

  • 11

    Korea wins gold in League of Legends competition; Faker tops podium

  • 13

    Over 2,200 aging applicants for reunions of separated families died this year: gov't data

  • 15

    N. Korea stipulates nuclear force-building policy in constitution

  • 17

    Korea claims third consecutive gold in men's team sabre fencing

  • 19

    S. Korea elected as IAEA board member for 2023-25

  • 2

    INTERVIEWRisk-averse culture is forcing daring creators to flee showbiz

  • 4

    Korean Baek In-chul wins stunning swimming gold

  • 6

    Education ministry prohibits parents from recording classes

  • 8

    Drug offenders using dark web increasing rapidly: report

  • 10

    BTS' Jungkook to drop 2nd solo single

  • 12

    BOK likely to stand pat again next month on Fed's rate freeze, slowdown

  • 14

    1st gold in Hangzhou leaves N. Korean shooters in tears

  • 16

    Daejeon hosts 14th int'l play festival

  • 18

    China launches first cross-sea bullet train line near Taiwan Strait

  • 20

    Kim Woo-min snatches gold in freestyle swimming

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Sat, September 30, 2023 | 14:35
Health & Science
Government to support development of blockbuster drugs
Posted : 2023-03-24 17:14
Updated : 2023-03-25 22:43
Jun Ji-hye
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
Health and Welfare Minister Cho Kyoo-hong speaks during a meeting at the Government Complex in Seoul, Friday. During the meeting, officials discussed measures to boost exports in the biohealth industry. Yonhap
Health and Welfare Minister Cho Kyoo-hong speaks during a meeting at the Government Complex in Seoul, Friday. During the meeting, officials discussed measures to boost exports in the biohealth industry. Yonhap

By Jun Ji-hye

The government will boost exports of the domestic biohealth industry, which includes pharmaceuticals, medical devices, medicine and bioengineering, by creating a large fund and supporting the development of blockbuster drugs.

The Ministry of Health and Welfare announced Friday that the government will create the "K-biovaccine fund" worth 500 billion won ($387 million) during the first half this year and expand it to 1 trillion won by the end of 2025.

Regulations will be eased and various incentives such as government subsidies will be offered to encourage domestic companies to expand their investments and production facilities.

Another 2.2 trillion won will be invested by the end of 2030 to support the development of new drugs and help domestic firms enter global markets. This would allow the country to have blockbuster drugs that generate annual sales of more than 1 trillion won, according to the health ministry.

The government will nurture some 4,000 professionals in the area of production by the end of 2025 by utilizing the Korea National Institute for Bioprocessing Research and Training (K-NIBRT) center at Yonsei University International Campus located in Songdo, Incheon.

Health and Welfare Minister Cho Kyoo-hong speaks during a meeting at the Government Complex in Seoul, Friday. During the meeting, officials discussed measures to boost exports in the biohealth industry. Yonhap
gettyimagesbank

The government will support technical cooperation between domestic ventures and foreign companies.

A pan-government panel will be created to help new drugs developed by domestic companies gain approval from global health agencies, such the U.S. Food and Drug Administration, in order to foray into global markets.

The government will work to form network with the U.S. Healthcare Distribution Alliance and enhance government-to-government cooperation to cope with any possible export barriers.

In the field of cosmetics, the government will focus its efforts on responding to tightened regulations in the Chinese market ― the largest export market for domestic firms.

The government will support events for online sales that would utilize Chinese influencers.


Emailjjh@koreatimes.co.kr Article ListMore articles by this reporter
 
miguel
wooribank
LG
Top 10 Stories
1Guide to Chuseok celebrations across Korea Guide to Chuseok celebrations across Korea
2Chuseok exodus begins ahead of extended 6-day holiday Chuseok exodus begins ahead of extended 6-day holiday
3Korea sees record-low births in July Korea sees record-low births in July
4Hyundai E&C to build upmarket apartment complex in Seoul's Gwanak District Hyundai E&C to build upmarket apartment complex in Seoul's Gwanak District
5Political battle intensifies after court rejects Lee's arrest warrant Political battle intensifies after court rejects Lee's arrest warrant
6Korea on track to prove esports prowess at Asian Games Korea on track to prove esports prowess at Asian Games
7[INTERVIEW] Risk-averse culture is forcing daring creators to flee showbiz INTERVIEWRisk-averse culture is forcing daring creators to flee showbiz
8Lotte focuses on health care, mobility to spur growth Lotte focuses on health care, mobility to spur growth
9DMZ Open Int'l Music Festival to be held in Goyang in November DMZ Open Int'l Music Festival to be held in Goyang in November
10Two Koreas trade barbs over nuclear war Two Koreas trade barbs over nuclear war
Top 5 Entertainment News
1Trailblazing nonagenarian artist honored for redefining Korean fiber art Trailblazing nonagenarian artist honored for redefining Korean fiber art
2[INTERVIEW] 'Coexistence of different art hubs across Asia is necessary': Art Week Tokyo Director INTERVIEW'Coexistence of different art hubs across Asia is necessary': Art Week Tokyo Director
3[INTERVIEW] With '30 Days,' Kang Ha-neul finds new level of comfort in acting INTERVIEWWith '30 Days,' Kang Ha-neul finds new level of comfort in acting
4Rwandan artists bring diversity to Seoul's art scene Rwandan artists bring diversity to Seoul's art scene
5[INTERVIEW] ONEUS returns as 'mermaid prince' INTERVIEWONEUS returns as 'mermaid prince'
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group