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Presidential front-runner pledges active support for drug industry
  • By Marian Chu
  • Published 2017.04.11 11:57
  • Updated 2017.04.12 16:47
  • comments 0

Democratic Party’s presidential candidate Moon Jae-in문재인 has vowed he would actively support the fourth industrial revolution and pharmaceutical industry’s growth if elected.

Rep. Jeon Hyun-heui전현희, a DP lawmaker, conveyed Moon’s willingness to focus on the pharmaceutical and biotechnology industry as a future growth engine, at the Korea Pharma Associations Conference (KPAC) in southern Seoul.

KPAC opened its third annual conference earlier in the day for a two-day run to foster global partnership among about 400 participants representing pharmaceutical, biotechnology and government sectors to promote open innovation. The conference puts its focus on how domestic companies can enter overseas markets through various strategies.

“Korea’s pharmaceutical industry has long been limited to only a few multinational corporations producing generic products,” Jeon quoted Moon as saying. “The country has now progressed rapidly and developed 27 home-grown products, having built one of the best infrastructures in the world for the pharmaceutical industry.”

Although Korea now boasts world-class resources in assets and infrastructure, more can be done with more active government support for the pharmaceutical industry, she added.

“Instead of leaving everything to the private sector, the government can render much support,” Jeon said, reiterating the presidential frontrunner’s “great interest in pharmaceutical industry’s growth.”

Stressing the importance of cooperation between pharmaceutical companies in which different firms come together to share their insights and know-hows, Jeon said, “The Moon Jae-in administration will actively support the industry’s efforts to make Korea the pharmaceutical hub.”


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