By Cho KyooHong
On Jan. 9, the Ministry of Health and Welfare reported to President Yoon Suk Yeol concerning its 2023 plan, of which the main tasks include leaping forward as a leading country in the field of biohealth through human resource cultivation, deregulation and export support.
Noting that a large number of quality jobs can be created as the biohealth industry grows, President Yoon called for strong support from the government for domestic enterprises to be up to global standards, which requires a tax benefit corresponding to that of the semiconductor sector, capacity development and a solid industrial ecosystem.
The global pharmaceutical and medical device markets are valued at roughly 1,400 trillion won and 600 trillion won, respectively. The emerging digital healthcare market is projected to reach 700 trillion won by 2027, which is equivalent to the Republic of Korea's top export industry, the semiconductor industry. As such, the global healthcare market presents a great opportunity we must take advantage of.
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| Minister of Health and Welfare Cho Kyoo-hong |
Against this backdrop, now is the time that Korea must acquire the technologies necessary to protect public health in an increasingly competitive global landscape and focus its government support on boosting creativity in the private sector.
First and foremost, the government is committed to strengthening health security by taking proactive measures against new infectious diseases, rare and intractable diseases, blood and organ supply shortages and other threats to public health.
To this end, the government will gradually improve the local production of essential vaccines while lending support to developing next-generation vaccines and treatments including mRNA vaccines and antiviral agents.
Telemedicine and monitoring technologies will also be developed to reinforce the country's readiness against future epidemics, and the root cause of the supply-demand imbalance for blood and transplant organs will be addressed by assisting in the localization of artificial blood production technology and xenotransplantation.
With the aim of safeguarding public health and staying vigilant against future epidemics, the government will build an innovative R&D system to provide the necessary support throughout the entire development process of essential technologies.
2023 will be a landmark year to lay the groundwork for a digital-based and data-driven medical paradigm shift.
A Health Information Highway, a system named "My Healthway," that links health and medical data, is expected to become available this year. A new service model for emergency patient care, that enables simultaneous information sharing and data analysis among the relevant facilities within the same region, will also be presented. Overall, efforts will be pursued to enhance public health through data-driven service innovation.
These initiatives, meanwhile, require a legal basis for the right to informational self-determination, which grants individuals the right to decide how their personal information is used. The government will put its best foot forward to pass the Digital Healthcare Promotion Act proposed to the National Assembly.
The general consensus among experts is that healthcare big data will soon be at the center of the development of new drugs and treatments for major diseases such as cancer. The government is now working on building a clinical genomic database with more than 1 million bio-samples on top of the healthcare data-oriented hospitals in operation and cancer big data. These preemptive initiatives will create core assets for future generations and lead the data-driven medical paradigm shift.
Strategic support will also be tailored toward pharmaceuticals, medical devices and other biohealth exports.
Korea's biohealth industry is poised to reach new heights backed by the increased global recognition of the country during COVID-19 and its strengthened capabilities. This year, biohealth exports will continue on an upward trajectory while domestic corporates boost their capabilities with expanded public-private investment and R&D.
Furthermore, tailored solutions will be provided to respond to increasing global competition and stringent licensing and regulatory changes. With the slowdown in global growth, fostering the biohealth industry is critical for the betterment of public health and high-quality job creation. This will require diligent on-the-job training and human resource cultivation, stronger global partnerships and timely regulatory innovation to build a solid foundation for the industry.
During the next five years, our vision is to develop at least two blockbuster-level new drugs and become the fifth-largest exporter of medical devices, securing its place among the global top six pharmaceutical and bio powerhouses. In that process, the government will incorporate feedback from businesses and frontline workers to build an ecosystem conducive to creativity and innovation.
The third comprehensive plan to foster and support the pharmaceutical industry and the first comprehensive plan to foster and support the medical device industry will be unveiled during the first half of 2023. Thanks to everyone's dedication and commitment, Korea's once-nascent biohealth industry is now on the precipice of full-fledged growth. We ask for your continued interest and support.
Cho KyooHong is the minister of health and welfare.
