According to the Korea Pharmaceutical and Bio-Pharma Manufacturers Association (KPBMA), an industry group comprised of pharma companies based in South Korea, the nation should establish a steering committee helmed by industry leaders. The committee, according to KPBMA Chairman Won Hee-mok, would work with the government in policy-making regarding pharma and biotech products and services, as well as synchronizing strategies between health authorities and the industry.
According to Kim Yoon-mi, “The Korean market takes up only 1.5 percent of the global pharmaceutical market, according to KPBMA. Although Korea was the third country to develop both a Covid-19 vaccine and a Covid-19 treatment last year, the nation still heavily relies on imported drugs in the active pharmaceutical ingredient (API) sector. As of 2021, Korean-made APIs accounted for only 24.4 percent of the total, Won noted. To enlarge the homegrown APIs and support domestic drugmakers to develop a global blockbuster drug, the government should swiftly ease regulations and lift drug prices reasonably, he said.
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(Source: Korean Biomedical Review, January 30th, 2023)