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| ▲ President Lee Jae Myung (R) speaks during a discussion session for the bio industry held at Songdo Convensia in Incheon, just west of Seoul, on Sept. 5, 2025. (Yonhap) |
Lee-bio industry
Lee vows to ease regulations in bio industry
SEOUL, Sept. 5 (Yonhap) -- President Lee Jae Myung said Friday the government will ease regulations in bio research and development (R&D) and speed up certification procedures to foster the bio industry as a new growth engine.
Lee pledged support for the bio industry during a televised discussion in Incheon, west of Seoul, with about 60 executives from biotech and pharmaceutical companies.
"The government should play a role in supporting companies so they can work independently and creatively," Lee said. "Accelerating certification procedures for R&D is important, while ensuring the process remains transparent and fair."
Lee said the government will take "an open approach" to industry requests for regulatory easing, while working to build a fair ecosystem to prevent monopolies by certain sectors or companies.
During the session, the government announced a plan to double biopharmaceutical exports and elevate South Korea into the world's top five bio industry powers by 2030.
South Korea, which has advanced contract development and manufacturing (CDMO) capabilities and blockbuster biosimilars, exported $8.5 billion worth of biopharmaceuticals last year, ranking among the world's top 10.
To that end, the government outlined measures to shorten the approval review period for biosimilars and reduce the time required for health insurance fast-tracking, with the goal of accelerating market entry for new pharmaceutical products.
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