The government has begun full-fledged operations of the National Bio Innovation Commission, a pan-government control tower to foster the bio industry. It is also pushing to establish the "Korea bio innovation growth strategy," which covers the entire industry from expanding investment to strengthening clinical trial competitiveness, supporting global expansion of contract development and manufacturing organizations (CDMOs), and improving regulations.
The National Bio Innovation Commission said on the 21st that it held subcommittee and special committee meetings for the first time since its launch on Apr. 16 and began discussing major policy tasks in the bio field.
The National Bio Innovation Commission is the top-tier governance body in the government's bio sector, chaired by Prime Minister Kim Min-seok. It links and coordinates bio policies that had been dispersed across ministries and oversees key agendas such as policy, regulation, and investment.
This month in the second week, the commission sequentially convened three subcommittees on investment strategy, technological innovation, and industry promotion. The Investment Strategy Subcommittee met on the 13th, the Industry Promotion Subcommittee on the 14th, and the Technological Innovation Subcommittee on the 15th.
At the Investment Strategy Subcommittee, participants focused on plans to revamp support systems to fill funding gaps by growth stage for bio corporations and to induce private investment.
Participants also raised the need to adjust the pan-government research and development (R&D) framework and to establish systems for preserving and utilizing technologies and data funded by national money. The need to streamline the regulatory framework to accelerate the commercialization of advanced bio technologies was likewise cited as a key task.
At the Technological Innovation Subcommittee, strategies for utilizing bio data and innovating clusters were handled as core agenda items. Participants stressed the need to build an institutional foundation that can lower the burden of data use and recognize data as an asset to activate data linkage and utilization.
In addition, to innovate bio clusters, they discussed building a full-cycle integrated cooperation system that fosters a virtuous ecosystem to attract corporations and strengthens linkages among hub, base, and regional clusters.
At the Industry Promotion Subcommittee, they focused on strengthening the competitiveness of bio clinical trials and supporting domestic CDMO corporations in entering the global market. They also discussed expanding R&D support for the bio industry and creating an industrial ecosystem. Participants agreed that to strengthen the competitiveness of domestic bio corporations, infrastructure, talent, sales channels, and institutional support must be reviewed comprehensively.
At the special committee meetings held that day, they also discussed ways to foster the beauty industry and improve bio regulations.
The Beauty Industry Special Committee reviewed policy directions to cultivate the beauty industry as a bio-based future growth industry. They discussed technology development and industrial base building, export support, and regulatory improvement tasks to strengthen global competitiveness, and also reviewed step-by-step industrial growth strategies.
The Regulatory Special Committee reviewed regulatory difficulties raised in bio research and development and in the industrial field and discussed directions for rationalizing regulations to support the commercialization of advanced bio technologies and industrial growth. Based on on-site feedback, it plans to identify tasks for institutional improvement and prepare effective measures in coordination with relevant ministries.
Won Hee-mok, vice chair of the National Bio Innovation Commission, said, "Centering on the commission, we will link and coordinate bio policies and establish the 'Korea bio innovation growth strategy,' which encompasses regulatory improvements and investment plans, to help Korea leap forward as a global bio hub nation."