The Ministry of SMEs and Startups (Minister Oh Young-joo, hereinafter referred to as the Ministry of SMEs and Startups) announced on the 19th that it held a Kick-off meeting of the 'Pharmaceutical and Bio-Venture Advisory Group' (hereinafter referred to as the Advisory Group) to systematically support the growth of pharmaceutical and bio-SMEs and reflect voices from the field in policies.
The Ministry of SMEs and Startups established the Pharmaceutical and Bio-Venture TF, a dedicated organization within the ministry, to systematically foster pharmaceutical and bio-ventures, starting with the ‘Plan to Create an Innovation Ecosystem for Pharmaceutical and Bio-Ventures’ announced at the Ministerial Meeting on Strengthening Industrial Competitiveness on January 15.
In addition, a dedicated working team was established with personnel from affiliated organizations such as the Korea SMEs and Startups Agency and the Korea Technology Finance Corporation, centered around the Korea SMEs and Startups Agency, and a system for promoting support tasks reflected in the measures was also established.
In addition, in order to promote effective policies that take into account the characteristics of the pharmaceutical and biotechnology industry and to reflect diverse voices from the field in policies, an advisory group of 12 key players in the pharmaceutical and biotechnology ecosystem, including pharmaceutical and biotechnology companies, related associations and organizations, mid-sized pharmaceutical companies, and venture capitals (VCs), was formed.
The advisory group will first discuss policy directions to strengthen the competitiveness of domestic pharmaceutical and bio ventures in response to the rapidly changing global market environment and technological trends, and will provide professional policy recommendations to concretize and enhance support policies and projects to meet the needs of the field.
The advisory committee sets the direction of the pharmaceutical and bio venture fostering policy every quarter, and the working committee members recommended by the advisory committee hold working meetings every month to specify the support policy according to the policy planning direction. We plan to implement the policy without any gaps through our own policy feedback system that reviews the specific measures discussed at the working meetings at the next advisory group meeting.
Minister Oh Young-joo attended the kick-off meeting, presented letters of appointment to the advisory group members, and exchanged in-depth opinions on the advisory group’s operation plan, the status of the policy to foster small and medium-sized pharmaceutical and biotech ventures, major changes in domestic and international pharmaceutical and biotech ecosystem trends, and difficulties in the field.
Minister Oh Young-joo said, “The pharmaceutical and biotechnology sectors require more than just financial support from individual companies; we must also support cooperation between various members of the ecosystem, including pharmaceutical and biotechnology ventures, startups, pharmaceutical companies, and CMOs.” He added, “We will further develop our pharmaceutical and biotechnology venture fostering policies based on the advisory group’s various suggestions so that we can create an ecosystem in which small and medium-sized pharmaceutical and biotechnology ventures can grow stably.”
Meanwhile, Minister Oh Young-joo personally visited pharmaceutical and bio ventures located in the Korea Research Institute of Bioscience and Biotechnology, where the inauguration ceremony was held prior to the meeting, and heard about the progress of technology development and commercialization and difficulties faced, thereby confirming the vivid voices of the industry.
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