Seoul, Sep 6 (IANS) South Korea has outlined a plan to help the biohealth industry double its exports by 2030 and join the world’s top five.

Under the “K-Bio Leap Strategy” unveiled at a seminar in Songdo, west of Seoul, the government outlined new targets for the industry, which also include the fostering of three new blockbuster drugs and ranking third globally in clinical trials by 2030.

South Korea is competitive in contract development and manufacturing (CDMO) services and biosimilars, ranking around 10th globally with biopharmaceutical exports of US$5.8 billion last year, reports Yonhap news agency.

The country aims to double its exports in the field in the next five years.

To speed market entry, the government plans to shorten the review period for biosimilars from 406 days to 295 days, and cut the time for reimbursement listing under the national health insurance programme from 330 days to 150 days.

The global pharmaceutical market reached $1.74 trillion last year — about three times the size of the semiconductor market — and is growing at an average annual rate of 4.7 percent, according to government data.

Biopharmaceuticals are expanding even faster, at an annual rate of 11.9 percent.

President Lee Jae Myung hosted the seminar, joined by government officials and about 130 industry leaders, associations and stakeholders to discuss regulatory reforms and growth plans

Lee said South Korea has the capabilities to become a global bio powerhouse, with outstanding research talent and a world-class manufacturing base.

“We will incorporate feedback from the seminar to swiftly implement the K-Bio Leap Strategy and foster the biohealth industry as a sustainable growth engine,” he said.

In May, ‘Bio Korea 2025’, South Korea’s largest health and pharmaceutical industry trade fair brought together some 750 companies from across the world to showcase the latest technological innovations and trends in the bio sector.

—IANS

na/