Korea To Focus More On Its Pharmaceutical And Biotechnology Market

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.