The Korean Ministry of Health and Welfare (MOHW) is currently implementing plans to strengthen the competitiveness of Korea’s pharmaceutical industry. The main goals of the MOHW include establishing a more comprehensive base for research and development for pharmaceutical products in Korea. Among the government’s initiatives include seven major projects that the MOHW hopes will enhance the country’s pharmaceutical industry. Medical technology development, cerebral medicine research, biotechnology studies, and new medicine development are among the projects currently being worked on by the MOHW. The Ministry is investing over 434 million won (US$366,244) for R&D investment in new medicines until 2010.
The Korean government’s goal is to produce 10 new medicines by 2010. They are also hoping to rank 7th among countries that contribute to the development of new medicines. Currently, pharmaceutical companies in Korea have managed to develop four drug products with 27 clinical trials for new medicines in progress.
In addition to these initiatives, the government has started construction on a Health and Medical Science Technopolis located in Oh-Song, North Choong-chung Province. The industrial complex is located on 840 square kilometers (324.34 square miles) of land and has standards comparable to other high-tech complexes around the world. The Health and Medical Science Technopolis will be completed by 2006.