100 billion won more for new drug 500 billion won megafund

Government, first-in-class global investment and export support

Part of the 3rd Comprehensive 5-Year Plan to Foster and Support the Pharmaceutical Bio Industry

The government plans to create an additional fund of 100 billion won this year following the creation of a 500 billion won 'mega fund' last year to strengthen investment and export support for the pharmaceutical and bio industries.

 

However, since a proper drug price valuation must necessarily accompany first-in-class development support, it was suggested that the system should be improved for this purpose.

 

Kim Yong-woo, head of the Korea Health Industry Development Institute, explained the 3rd 5-year comprehensive plan to nurture and support the pharmaceutical and bio industries in a session on 'Government Policy and Industrial Strategy for Creating a New Bio-Health Market' held at the KFDC Spring Conference held on the 16th.

 

Director Kim said, "The Ministry of Health and Welfare created two investment institutions at the end of last year to create a mega fund worth 500 billion won." The creation of the megafund is part of the 3rd plan to nurture and support the pharmaceutical and bio industries from this year to 2027 and was prepared to strengthen financial support and support start-ups in the pharmaceutical and bio sectors.

 

Director Kim said, "We are paying attention to infrastructure creation so that we can bring in a lot of money to the biopharmaceutical field by creating mega funds and strengthening policy finance investment links." prepared,” he explained.

 

In addition to mega funds, financial support such as technology guarantee funds, preferential loans to expand private investment and attraction support, and incentives to attract domestic and foreign investments were included in the 3rd comprehensive plan.

 

Looking at the 3rd Comprehensive Plan in detail, 10 key tasks (investment in global blockbuster R&D, R&D investment in response to health security and social needs, AI promotion of new drug development, digital conversion support, finance and start-up support, export industrialization, core talent cultivation, human resources development ecosystem, support for innovative new drug development system, support for strategy to achieve global No.

 

3 in clinical trials, and strengthening of infrastructure by pharmaceutical value chain).

 

Looking at the investment strategy for creating global blockbuster new drugs, support is provided for expanding public and private investment in new drug development, establishing a first-mover strategy to secure super-gap technologies, and investing in vitalizing open innovation.

 

Director Kim explained, "In order to support the first-in-class development system, it is necessary to improve the system for proper drug price evaluation." He emphasized, “Efforts must be made to shorten the period of new drug development through an expedited approval system and simultaneous reimbursement review for each drug characteristic.”