Forty-three out of the 47 government-designated innovative drugmakers will invest 1.7 trillion won ($1.5 billion) into the research and development of new drugs this year, a 23.1 percent increase from 2018.
The pharmaceutical companies also plan to have 13.1 trillion won in combined sales 2019, up 8.9 percent from 12.1 trillion won last year.
The Ministry of Health and Welfare released the results of its analysis of the 2019 project plans of 43 out of the 47 innovative pharmaceutical companies made by the Korea Health Industry Development Institute (KHIDI) ahead of the "2019 Innovative Pharmaceutical Company CEO Meeting.”
Of the innovative pharmaceutical companies, Medytox, Celltrion, ST Pharm, and Tego Science have not submitted their data as they have yet to fix their investment plans for 2019.
Among the innovative pharmaceutical companies’ plans for 2019, CJ Healthcare will conduct additional phase 3 clinical trials to add indications for K-CAB, SK Chemical start phase 3 clinical trials of Renexin, a chronic arterial occlusive disease treatment, and Yuhan will concentrate on global phase 3 clinical trials for Lazertinib.
Other innovative pharmaceutical companies will also make R&D investment in non-clinical and clinical trials to develop innovative bio-drugs, improved drugs, and biosimilars.
To develop new overseas markets, these pharmaceutical companies also plan to establish subsidiaries in the U.S., Europe, Asia, and Latin America, strengthen cooperation with multinational pharmaceutical companies, and promote overseas technology transfers.
CEOs of innovative pharmaceutical companies attending the 2019 Innovative Pharmaceutical Company CEO Meeting called for the government to assist their R&D, expand tax support for overseas clinical trials and approve rapidly clinical trials and new drugs, to help them enhance global competitiveness.
More specifically, CEOs requested differentiated government support for innovative pharmaceutical companies, including the rapid introduction of the fast-track system currently locked in the National Assembly.
The related amendment includes rapid approval, prioritization, and simplifying submitted data for the newly developed drug by the innovative pharmaceutical companies.
The health and welfare ministry agreed with the opinions of innovative pharmaceutical companies and announced that it would actively accept the requests from the companies.
“We are considering providing greater tax support for overseas expansion by innovative pharmaceuticals,” said Kang Do-tae, assistant minister for Healthcare Policy Office at the ministry. “We will reflect such requests on the ‘2019 plan to foster and support pharmaceutical industry,’ which will be released in March, after discussing it with relevant ministries.”
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