The Ministry of SMEs and Startups (Minister Oh Young-joo, hereinafter referred to as the Ministry of SMEs and Startups) announced the ‘Plan to Create an Innovation Ecosystem for Pharmaceutical and Bio-Ventures’ at the Ministerial Meeting on Strengthening Industrial Competitiveness on the 15th.
The 'Pharmaceutical and Bio-Venture Innovation Ecosystem Creation Plan' was created to strengthen the global competitiveness of domestic pharmaceutical and bio-ventures by creating an innovation ecosystem with a virtuous cycle structure based on the four major strategies of ▲promoting the commercialization of promising original technologies ▲creating a solid bio-venture investment environment from the ground up ▲activating open innovation ▲establishing a bio-venture innovation foundation.
Minister Oh Young-joo diagnosed that “Although our country’s bio-ventures have grown quantitatively and qualitatively thanks to their world-class R&D capabilities, the creation of an ecosystem in which innovative entities are organically connected is currently insufficient,” and said, “We will spare no effort to create a virtuous cycle ecosystem in which bio-ventures can smoothly transfer technology, accumulate knowledge and funds, and even take on the challenge of developing new drugs.”
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