Lee Jeong-seok, chairman of the Korea Bio Pharmaceutical Association, emphasized on the 31st through the 2025 New Year's address that "to strengthen the ecosystem of the entire industry next year, the government and the private sector must cooperate to enhance the competitiveness of small and medium-sized enterprises."
The chairman opened his 2025 New Year's address with the saying, "The snake is a symbol of wisdom and regeneration." He noted, "2024 was a series of many challenges and opportunities," adding that "(the year of the snake) will provide insights and growth opportunities for our bio pharmaceutical industry to leap forward."
As for the direction the domestic pharmaceutical and bio industry should pursue in 2025, the chairman pointed to strengthening the industrial ecosystem, technological innovation, and pursuing sustainable growth. He emphasized, "To lay the foundation for growth across the entire industry, we need to enhance the competitiveness of small and medium-sized enterprises," and added, "The government and the private sector must cooperate to foster clinical research organizations (CROs) and the materials, parts, and equipment (soabujang) industry."
Regarding technological innovation, he stated, "We need to focus on drug development utilizing artificial intelligence (AI) and digital technology," and emphasized, "We must accelerate the speed of clinical research and product commercialization." Utilizing AI can save not only time needed for drug development but also expense. According to the industry, the expense saved in drug development through AI use could reach $60 billion to $100 billion (approximately 82 trillion to 137 trillion won) annually.
He also noted that Korean pharmaceutical and bio corporations need to strengthen their positions in the global market. He remarked, "A sustainable business model that considers environmental and social responsibilities is important," adding that "(this model) will contribute to enhancing the corporation's credibility in the long run." He concluded his New Year's address by expressing, "I hope 2025 will be a fruitful year to achieve great accomplishments."