S. Korea aims to develop 2 new blockbuster pills by 2027

The government aims to develop two new drugs that could generate annual profits exceeding 1 trillion won (US$770 million) each, as part of its initiative to elevate the bio-health sector into a key national strategic industry, officials said Friday, Yonhap reports. 

The government-led bio-health innovation committee, chaired by Prime Minister Han Duck-soo and composed of 17 experts from both the public and private sectors, outlined a series of goals to be achieved by 2027 during its inaugural meeting.

As part of the objectives, the government plans to collaborate with local bio firms to enhance their competitiveness on the global stage, leveraging robust R&D spending and policy support for the development of the so-called two blockbuster pills by 2027.

To realize this ambition, the government aims to invest around 2 trillion won in R&D over the next 10 years, intending to launch a local equivalent to the U.S. Advanced Research Projects Agency for Health (ARPA-H) that supports biomedical and health research.

Additionally, the government aims to double production and exports from the bio industry by 2027.

Production and exports from the country's bio industry reached a record high in 2022 on the growing global demand for medical appliances and medicine.

Furthermore, the government seeks to nurture 110,000 talents in the bio-health sector and create big data in the bio sector by collecting health information from 1 million people.

To achieve these objectives, the government will intensify efforts to reduce red tape and streamline the regulatory approval process for the biotechnology industry, as well as simplify the medical approval system.

"Each government is in fierce competition on the government level to advance in the health industry," Han said during the committee's first meeting, adding that the committee will serve as a control tower, bridging the private and public sectors.