A Korean lawmaker from the ruling Democratic Party is working towards enacting a law to support pharmaceutical companies that are using artificial intelligence (AI) to develop new drugs.
Rep. Oh Jae-sae from the ruling Democratic Party on Tuesday motioned a bill amendment to set up distinct investment criteria for providing R&D support to pharmaceutical firms that are using AI to discover new drugs.
“Using AI for new drug development can reduce the time and expense required in the discovery process for drug candidates and minimize safety risks by helping predict toxicity and side effects during clinical trials,” Oh said.
But under the current law, the government only gives pharmaceutical companies that spend a large proportion of sales on research and development (R&D) various benefits and a “Korea Innovative Pharmaceutical Company” label, he noted.
Because AI is drastically reducing R&D costs, some firms are noting that they are not eligible for the government’s innovative label designation and benefits. The motioned bill aims to rectify the loophole, Oh said.
The lawmaker went on to say that measures will include establishing an AI-based new drug development support center, he said.
Meanwhile, the government announced earlier this month that it would invest 349 billion won ($326.2 million) into creating new biotechnologies that include big data and AI platforms for drug development. The investment comes part of efforts to set up the bio-industry as the country’s future growth engine and around 60 billion won will be allocated to discovering around 30 new innovative drug candidates such as cancer drugs and gene therapies.
In the race to develop novel drugs, global pharmaceuticals such as Pfizer, Merck, GSK, and Sanofi have teamed up with AI technology powerhouses and startups such as IBM, Xsienia, AtomWise, and Birnbacherland. Merck has reported finding two candidate drugs for Ebola after applying Atomwise, creating ripples throughout the industry.
Big-name Korean pharma such as Green Cross, Daewoong, and Dong-A ST are among many that are using AI. AI-related healthcare startups include Standigm, PharosIBT, and Syntekabio.