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| 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.
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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.
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