New Korean President Set To Maintain Pharma Policy Support
New South Korean President Moon Jae-in appears likely to continue to nurture the pharma and biotech industries by generally favorable policies such as improving the domestic drug pricing system to aid the global market entry of locally-originated novel drugs, and looks set to consider industry proposals for a new government R&D ‘control tower’.
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South Korea is actively pursuing an innovation agenda with a goal to transform into a major pharma country, but it seems to have a long way to go as most of last year’s novel drug approvals were for imported drugs. Approvals for incrementally modified drugs surged amid a fall in novel drug compound candidates.
Amid an escalating tussle with the health ministry over the level of South Korean drug prices, foreign pharma firms operating in the country are now proposing the launch of a new joint study on the issue with the incoming government.