Korean Health Tech Blueprint Highlights Precision, Regenerative Medicine
South Korea unveils its first comprehensive plan for the overall development of the health care industry, with a focus on developing novel therapies for rare and incurable diseases, precision and regenerative medicine, and customized health management systems, with the aims of improving care, controlling costs, and raising global industry competitiveness.
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Amid pharma industry’s repeated calls to improve the drug pricing system and properly reflect R&D cost of novel drugs, South Korea released steps that include hiking prices of “global innovative novel drugs” and biomedicines. Response is mixed, with foreign pharmas complaining the steps focus mainly on domestically developed drugs.
The South Korean government has unveiled more details of new R&D tax support for emerging industries, including bio-health care, to encourage research spending by the pharma sector. But a local industry association suggests the government may also have to think twice about an existing R&D tax incentive system that provides incremental reductions and gives preferential benefits to smaller firms.
Cancer deals involving Junshi/Wigen, Allist/Octimet, Yufan/Abound, Takeda/Presage, Daiichi Sankyo/AnHeart, LegoChem/Harbour Biomed, plus a stem cell partnership and a lysosomal storage disorder agreement.