Institut Pasteur Korea CEO Dr. Youngmee Jee Participated in the '5th Bio-Industry Conference of the Embassy & Investment Agency in Korea .'
Institut Pasteur Korea (IPK) CEO Dr. Youngmee Jee participated in the '5th Bio-Industry Conference of Embassy & Investment Agency in Korea' held by the KoreaBIO on Apr. 28, and chaired a discussion of the representatives from four countries, including the US, Malaysia, Israel, and China, titled ‘The current issues and prospects in the bio-industry.'
Online capture of the 5th Bio-Industry Conference of Embassy & Investment Agency in Korea
Mr. Gregory Briscoe, minister counselor for Commercial Affairs from the US Embassy Seoul, Mr. Mohamad Reduan Mohd Zabri, head of the Malaysian Investment Development Authority (MIDA) in Seoul, Mr. Yaniv Goldberg, head of the Economy and Trade from the Israeli Embassy in Korea, and Mr. Byeong-seok Jin, the 3rd secretary of the Chinese Embassy in Korea presented and discussed the investment trends and governmental support policies of each country after the COVID-19.
Dr. Jee led multi-dimensional discussions among the participants on national strategies to prepare for and respond to the pandemic, such as how the COVID-19 impacted the drug registration and licensing policies, the government supports for the bio and international R&D cooperation, CMO & CDMO strategies, and so forth.
In particular, about the major area of R&D investment, the US and Israel both emphasized the importance of telemedicine in the future. According to the representatives, the US focuses on equitable healthcare service, drug development, medical protective equipment production through 3D printing, and Real World Data (RWD) utilization. Israel prioritizes artificial intelligence (AI), quantum computing, bio convergence, and innovation lab. Mr. Goldberg mentioned that Israel hopes to cooperate with Korea in the field of medical cannabis and telemedicine. Furthermore, Malaysia, leveraging biotechnology as a growth engine of the country, is expanding support for various bio-related fields, such as bio-agriculture, -industry, and –medicine, and introduced its tax exemption program for a maximum of 15 years as a way to promote overseas investment in the bio field. China, putting a top priority on the national biotechnology development, provides extensive government support to facilitate new drug development. Introducing recombinant proteins, antibodies, vaccines, anticancer drugs, vascular treatments, and chronic disease treatments as China's focus areas, Mr. Jin said China is looking for collaboration opportunities with Korea in these fields.
"Today’s discussion was useful to understand the latest trends and prospective on the bio policy of the four countries, which I hope to provide a helpful base for the Korean bio-industries seeking for cooperation and invest opportunities with each country in the future.”