The Korean biopharma industry can become one of Korea’s main economic growth engines, but only if the government helps shift its paradigm from domestic market to overseas, said Korea Pharmaceutical and Bio-Pharma Manufacturers Association’s Chairman Won Hee-mok at a press briefing held Thursday.

“(Korea’s) biopharma industry has so far duly served the social role of providing affordable drugs for the local market, but now is the time for the government to help the industry turn focus and advance on to the global market,” Won said.

“To that end, active governmental support for research and development for novel drugs is essential.”

Although fostering biopharma is one of the Moon Jae-in administration’s 100 policy tasks, governmental contributions remained at 8 percent of the total biopharma R&D investment in 2018, according to KPBMA report.

The report stated that at least 573 potential novel drugs exist at 100 KPBMA member firms. By 2030, the number will balloon to over 950.

Korea Health Industry Development Institute estimates that a single successful case of novel drug development will yield as many as 42,700 jobs. In 10 years, if Korea stays on course to rank 7th in world biopharma league by then, employment of some 170,000 people can be expected.

Won urged that the government should declare the biopharma industry as one of the nation’s main projects. 

“I sense that the Korean biopharma industry is on the brink of explosive growth,” Won said.

“There have been signs of small, scattered eruptions here and there, hinting for a major volcanic explosion,” he added, likening successful biopharma discoveries and exports by Korean firms to volcanic activity. “The magma is sufficiently heated. What the industry needs is a tectonic shift.”

“With active backing from the government, a novel drug worth 1 trillion won ($892 milion) global export will be developed by 2025, a mature Korean biopharma firm will bring in 10 trillion won by 2030 and export of Korean pharmaceutical products will reach 100 trillion won by 2035,” Won projected. Worldwide biopharmaceutical market is currently valued 1,400 trillion won.

The KPBMA is preparing a new artificial intelligence center that will cut down on data research time for novel drug candidates. The association promotes open innovation between biopharma firms.

By Lim Jeong-yeo (kaylalim@heraldcorp.com)