The Korean government plans to increase Korea’s drug and biotechnology markets by adopting more global standards, implementing positive regulatory policies, and increasing investment. The Korean government hopes to develop a super fund to support its vaccine and new drug development. First, Korea will set up a vaccine and drug fund of about $400 million in 2022 to support Phase 3 clinical trials. The evaluation period for new AI or digital health products will also be reduced dramatically. Other new medical technologies will also have expedited review including new biotech products.
