As the center of gravity in the bio industry shifts to Asia, an assessment found that the time for Korean bio corporations to draw attention on the global stage is shrinking faster than expected.
Lee Seung-kyou, Vice president of the Korea Biotechnology Industry Organization, said on the 22nd (local time) at the site of "BIO USA" in San Diego, California, that "the number of China's new drug pipelines has now come close to about two-thirds to three-quarters of the United States," adding, "Korea is chasing behind in that structure."
Lee found the background of consecutive multi-trillion-won technology export deals in the recent global bio market in a "structural shift in clinical data."
He analyzed, "At the core of the mega-deals created by Chinese bio corporations is the accumulation of phase 2a–2b-level data backed by massive capital," adding, "They are reading precisely the standards demanded by global big pharma and pushing ahead with speed and scale."
He added, "China now fully understands the importance of securing 'rapid PoC (proof of concept)' demanded by the global market and is moving very aggressively."
By contrast, he assessed that Korea is in a structurally different situation.
Lee pointed to the "bottleneck before the clinical stage" as the biggest problem in Korea's bio ecosystem.
He said, "As funding tightens, entering clinical trials themselves has become difficult, leaving many pipelines stuck at the preclinical stage."
He also noted that the situation has worsened compared with the past. He said, "Last year I thought Korean bio's 'golden time' had about five years left, but now it seems even shorter."
Lee sought solutions for the ecosystem in "structure," not investment size. In particular, he pointed out the limits of the existing approach centered on large phase 3 funds.
He said, "Funds that support phase 3 are important, but what is more urgent now is a structure that helps complete PoC in phase 2, the stage before that." He emphasized, "Once this structure is built, investment and listings will connect naturally."
As another solution, he proposed "technology in-licensing."
Lee said, "Beyond technology exports, the ecosystem for technology imports that discovers and brings in promising early compounds must also be revitalized," adding, "As in Yuhan's 'Leclaza' case, discernment that spots a promising seed must combine with capital strength."