Posted by Michael Wonder on 20 May 2019
Korean Government to reduce biopharmaceutical approval period to half
20 May 2019 - The Korean government plans to reduce by half the current one and a half years of time required for examination and approval of new biopharmaceutical products.
The government will announce its innovation strategy to foster the biotech and healthcare sector this week. The plan will include a 2 trillion won investment in R&D in 2019, relaxation of KOSDAQ listing conditions for biotech and healthcare companies, improvement of exit processes for investors, expansion of the scope of technologies eligible for R&D tax credit, and development of the Osong national industrial complex.
The global healthcare market is booming due to rapid population ageing and the Fourth Industrial Revolution. In this context, President Moon Jae-in named the bio-health industry as one of the three promising future industries along with system semiconductor and future car industries.
