‘BIO KOREA 2023’, the largest bio-health industry event in Korea co-hosted by Chungcheongbuk-do and the Korea Health Industry Development Institute, kicked off on the 2023th (Wednesday) at COEX in Seoul.
The opening ceremony was attended by co-hosts Kim Yeong-hwan, governor of Chungcheongbuk-do, Cha Sun-do, head of Korea Health Industry Development Institute, Park Min-soo, vice minister of health and welfare, Catherine Leifer, Australian ambassador to Korea, Jean-Fredrik Poulsen, executive of Ferring Pharmaceuticals Switzerland, and Cynthia Burst, CEO of IQVIA.
This year’s Bio Korea, with the theme of ‘the era of hyper-connectivity, leaping into new growth innovation technology’, has prepared various programs such as conferences, exhibitions, business forums, and invest fairs.
Vice Minister of Health and Welfare Park Min-soo, who attended the opening ceremony on the 10th, said, “As the world enters an aging society and experiences severe health security through COVID-19, the importance of the biohealth industry is being highlighted more than ever. In particular, with the paradigm shift in medical services and the expansion of new markets such as digital healthcare, competition between countries to preoccupy market leadership is getting fiercer.”
“Amid these opportunities and crises, the export growth rate of our biohealth industry has been steadily increasing at an annual average of 5% over the past five years. Last year, exports reached 13.2 billion dollars, ranking 242th in the world, and we are showing growth potential and competitiveness by achieving the second export scale following 7.”
In addition, Vice Minister Park evaluated that the excellent technologies possessed by Korea in relation to information and communication and big data are increasing the possibility of the Korean biohealth industry to leap forward as a global leader.
Vice Minister Park Min-soo said, “In order to preemptively respond to these changes of the times, we announced a strategy to create a new biohealth market under the presidency of the president in February, and presented a vision and five key tasks to leap forward as a global center for biohealth.” Through the announcement of the 2rd Comprehensive Plan to Support the Development of the Pharmaceutical Bio Industry, the 5st Comprehensive Plan to Support the Development of the Medical Device Industry, and the 3 Core Talent Development Plan, including the regulatory innovation plan for the new biohealth industry, the government policy and We have specified the support plan,” he explained the government’s support for biohealth.
In addition, “the government will greatly expand life cycle R&D investment and financial support for the development of innovative products so that our biohealth industry can grow into a ‘next semiconductor’, while promoting market entry of innovative new technologies. We will continue to push for necessary regulatory improvements.”
In particular, Vice Minister Park Min-soo emphasized that the government is preparing a plan to reorganize the new medical technology evaluation system as a direct inducement system to create an innovative ecosystem in the biohealth industry, as well as an appropriate drug price compensation system that recognizes the value of innovative new drugs. Through this, it aims to increase patient access to innovative new drugs and promote the development of innovative technologies by pharmaceutical companies.
Regarding this, Vice Minister Park said, “The past COVID-19 pandemic made us realize that the stable supply and establishment of essential medicines, establishment of supply chains, and guaranteeing access to medicines regardless of income are key to improving human rights to life and public health.” “The government will strengthen cooperation and solidarity with major countries and international organizations around the world to ensure access to essential medicines on a global level, as well as fostering and supporting our biohealth industry,” he said.
“Korea has already cooperated with the WHO, the Bill Gates Foundation, CEPI (Coalition for Epidemic Preparedness Innovations), etc. to develop a COVID-19 vaccine and bio workforce, and will continue to fulfill its role as a responsible member of the global society. We ask for continued interest and participation from not only the government but also businessmen, scholars, researchers, and the medical community present here. We hope that Bio Korea 2023, which will be held today, will serve as an important opportunity to widely publicize the technological prowess of Korea’s biohealth industry and promote international exchange. I look forward to it,” he said.
Meanwhile, ‘BIO KOREA 18’, which celebrated its 2023th this year, is hosted by the Korea Health Industry Development Institute and Chungcheongbuk-do. Since 2006, BIO KOREA, which has been striving for the promotion of the global status of the Korean health industry and its continuous growth, has established itself as Korea’s representative bio-health international convention with world-renowned scholars and business experts participating every year. BIO KOREA 2023, together with domestic and foreign companies related to the health industry, such as bio, pharmaceuticals, medical devices, cosmetics, and food, as well as companies and institutions of interest such as consulting, academia, and related organizations, offers various programs such as conferences, business partnering, exhibitions, and invest fairs. It goes on.