KPBMA Wants South Korea to be Self-Sufficient, Pharmaceutical Powerhouse

PRICENTRIC BRIEF:

• The Korean Pharmaceutical and Bio-Pharma Manufacturers Association (KPBMA) Chair Won Hee-Mok has shared the industry’s pledge to nurture South Korea’s domestic market, both in terms of blockbuster, innovative medicines and generics, to establish “pharmaceutical sovereignty” post-coronavirus and urged government support, particularly in terms of policy, to make this plan come into fruition
• For South Korea to achieve 50% self-sufficiency in the next five years, KPBMA selected 200 active pharmaceutical ingredients (APIs) out of 2,000 for which localized production is urgent to ensure a stable supply system while promoting domestic manufacturers
• The Association also wants to bring more blockbuster drugs to South Korea through increased research and development (R&D) and expanded mergers and acquisitions, and is setting up shop in Boston to participate in Massachusetts Institute of Technology’s (MIT) Industrial Liaison Program (LIP) consortium

THE DETAILS

SEOUL, South Korea – At the new year meeting of the Korean Pharmaceutical and Bio-Pharma Manufacturers Association (KPBMA), the association’s chair Won Hee-Mok shared the industry’s pledge to nurture South Korea’s domestic market, both in terms of blockbuster, innovative medicines and generics, to establish “pharmaceutical sovereignty” post-coronavirus.

Ideally, South Korea would achieve 50% self-sufficiency in the next five years by nurturing its domestic drug market. KPBMA selected 200 active pharmaceutical ingredients (APIs) out of 2,000 for which localized production is urgent. Increasing South Korea’s self-sufficiency in this area would ensure a stable supply system while promoting domestic manufacturers.

The Association also wants to bring more blockbuster drugs to South Korea through increased research and development (R&D) and expanded mergers and acquisitions. Open innovation requires a focus on advanced medicine, specifically products that create “enormous added value” and offer a range of treatment options for people with rare and intractable diseases.

KPBMA is also setting up shop in the Boston, Massachusetts to participate in Massachusetts Institute of Technology’s (MIT) Industrial Liaison Program (LIP) consortium, allowing relevant companies to harness MIT resources to address challenges the industry is facing. The Association is joining the program in collaboration with the UK Life Science Research Institute, noted the KPBMA chair.

These initiatives require government support to come to fruition. During the conference, Won appealed to government representatives, asking for their help in establishing a “command tower” to foster growth in the industry through policy and support all the way from clinical trials through approval.

Won said, “I ask you to implement a policy that connects innovation in the pharmaceutical and bioindustry to growth. The bio-health industry is the social safety net that is directly related to public health and growth… to lead the future national economic power requires a reasonable combination of regulatory policies and development policies.”