The Korea Pharmaceutical and Bio-Pharma Manufacturers Association (KPBMA) has welcomed the government’s additional designation of the industry to national high-technology strategic industries.

“We sincerely welcome the government's designation of the biopharma industry as an additional national high-tech strategic industry and its declaration to establish a total state support system, including the rapid and comprehensive establishment of governance,” KPBMA said in a statement issued Tuesday.

The government held the second National High-Tech Strategic Industry Committee on Sunday, finalizing and announcing the Basic Plan for Fostering and Protecting National High-Tech Strategic Industries. It then included the biopharma sector in a national high-tech strategic industry in addition to the existing three industries -- semiconductor, display, and secondary battery.

The government has designated 17 national high-tech strategic technologies in these four high-tech industries and plans to invest more than 550 trillion won ($415 billion) by 2027 while providing customized support for each industry along with regulatory reforms in approvals and permits.

“We will focus on four high-tech industries, which are future growth engines and economic security assets, to leapfrog into a global superpower and safeguard economic security,” Prime Minister Han Duck-soo said.

In response, KPBMA said, “The additional designation of bio as a national high-tech strategic industry made clear the government's intention to focus on the biopharmaceutical sector as a national core strategic industry. It demonstrates that the government recognizes pharmaceutical and biotechnology industries as strategic security assets for the country and the future of the national economy.”

Due to domestic and international political instability, recurring global public health crises, and increased emphasis on national priorities, advanced technology and manufacturing capabilities are becoming an essential foundation for the security and future of the country, it said.

“The government's decision is significant as the pharmaceutical and biotechnology industry is the pillar of national health and the future food of Korea,” the association added.

KPBMA emphasized it is confident that the government’s decision would serve as a foundation for pharma bio companies to promote technological innovation and competitiveness.

“The biopharma industry welcomes the addition of our sector to the list of national high-tech strategic industries and will do its best to achieve the common goal of becoming a global biopharma powerhouse by utilizing the government’s willingness to foster the biopharma industry as a driving force actively,” it added.