The Ministry of SMEs and Startups and the Ministry of Health and Welfare announced on September 17 that they held a meeting with small and medium-sized pharmaceutical and bio companies.
This meeting was organized to share key details of the 'K-Pharmaceutical and Bio Frontier Company Development Plan,' which both ministries are jointly preparing to respond to the rapidly changing global pharmaceutical and bio market and secure future growth drivers. It also aimed to listen to the challenges and policy needs faced by these companies in the field.
During the meeting, officials from both ministries explained the main contents and future directions of the 'K-Pharmaceutical and Bio Frontier Company Development Plan' and engaged in in-depth discussions with companies about the support needed throughout their growth process, from technology development to commercialization and global expansion.
Particularly in the area of new drug development, discussions focused on the long-term development process that includes candidate substance discovery and development, non-clinical testing, and clinical trial planning and approval, as well as phases 1, 2, and 3 of clinical trials, and product licensing and commercialization. The need for organic connections between research and development (R&D), clinical trials, investment, and commercialization support at each stage was emphasized.
Participants noted that support is needed for technology development and testing during the candidate substance development and non-clinical stages, while large-scale funding, specialized personnel, and collaboration with hospitals and clinical institutions become increasingly important as companies enter the clinical stage. There were also calls to strengthen policy linkages to ensure that companies can continue to grow through product licensing, technology transfer, follow-up investment, and entry into global markets after clinical trials.
Based on the feedback from the field, the ministries plan to identify promising small and medium-sized enterprises with growth potential and technological capabilities, establishing a system to connect and support necessary policy measures tailored to each company's growth stage and needs.
They aim to go beyond supporting individual R&D projects and to concretely develop the 'K-Pharmaceutical and Bio Frontier Company Development Plan' by considering the growth pathways of companies that encompass technology development, clinical trials, commercialization, investment guarantees, and global expansion.
Recognizing the unique characteristics of the pharmaceutical and bio industry, both ministries agreed on the importance of organically linking their respective policy measures and expertise.
In March, the two ministries jointly announced a 'Comprehensive Collaboration Plan for Pharmaceutical and Bio Ventures' to address the challenges faced by these companies at various stages of growth.
They plan to establish a collaborative support system that connects the Ministry of SMEs and Startups' capabilities in discovering and nurturing promising small and medium-sized enterprises with the Ministry of Health and Welfare's expertise in the pharmaceutical and bio sector and its support infrastructure related to clinical trials and commercialization.
Yoon Yong-seok, First Vice Minister of the Ministry of SMEs and Startups, stated, "We will faithfully reflect the opinions shared today in the 'K-Pharmaceutical and Bio Frontier Company Development Plan' and actively support promising companies in their growth from technology development to clinical trials, commercialization, and global market entry by combining the R&D, investment, and commercialization capabilities of the Ministry of SMEs and Startups with the pharmaceutical and bio expertise of the Ministry of Health and Welfare."
Lee Hyung-hoon, Second Vice Minister of the Ministry of Health and Welfare, added, "Based on the voices from the field, we will work closely with the Ministry of SMEs and Startups to establish an effective support system that can alleviate the difficulties faced by promising companies during their growth process."
* This article has been translated by AI.
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