In order to dominate the overseas biomedicine market in advance, the government will invest 340 billion won (US$301.77 million) in the full cycle of technical development, clinical trials in the global market, and export.
It is planning to expand the funds available in order to expand global clinical trial support and licensing support abroad, and expand the support for clinical trials of advanced biomedicine overseas.
Also, the government will provide the standard model to get approval for clinical trials and licensing from the U.S. FDA, and additionally secure a list of countries focused on emerging countries, which can give automatic approval.
Moreover, it will offer a full range of support for overseas expansion, and invigorate cooperation between large and small companies. Through the export support center, it will provide information about regulations on clinical trials and licensing and the price of medicine in the local market. Also, it will establish new services for on-site support, including the one on one mentoring service.
By 2017, the government is planning to select 2,000 doctors and train them along with other professionals in new sectors, including bioinformatics.
The global bio-health market is expected to exceed the scale of the global market of Korea’s leading export industries, such as semiconductors and automobiles, after 2024.
An official from the Ministry of Science, ICT and Future Planning said, “Since there is no absolute winner yet in some biomedicine sectors in the beginning period, including stem cell therapy products and gene therapy products, the company releasing the first product can lead the market.”