Full-cycle support from candidate development through clinical trials and commercialization
R&D, investment, guarantees and global expansion linked; field opinions gathered
The government plans to identify promising small and venture companies in the pharmaceutical biotech sector and build a coordinated support system covering the entire process — from candidate compound development through clinical trials, commercialization and global market entry.
The Ministry of SMEs and Startups and the Ministry of Health and Welfare held a meeting Thursday with small and venture companies in the pharmaceutical biotech sector at Lunit in Gangnam-gu, Seoul, to discuss the key details and direction of the "K-Pharma Biotech Frontier Company Development Plan."
Attendees included First Vice Minister of SMEs and Startups Noh Yong-seok and Second Vice Minister of Health and Welfare Lee Hyung-hoon, along with eight executives from small and venture companies in drug development, digital health and medical devices, and bio-materials and production technology.
The two ministries plan to identify promising small and venture companies with growth potential and technological capability, and build a support framework linking the necessary policy tools to each company's stage of growth and specific needs.
In particular, the ministries intend to go beyond supporting individual research and development projects, aligning policy tools from both agencies along a company's full growth path — from technology development through clinical trials and validation, commercialization, investment and guarantees, and global expansion.
Even when pharmaceutical biotech venture companies succeed in developing a technology, they must clear multiple stages — clinical trials, product approval and commercialization — making uninterrupted support throughout the growth process critical.
Participants at the meeting said the financial and staffing burden grows heavier as drug development advances. In the clinical trial phase in particular, the scale of funding required increases sharply and collaboration with specialists and medical institutions becomes essential.
The government's move to link policy across clinical trials, investment and commercialization — rather than limiting support to individual R&D projects — reflects these industry-specific characteristics.
The two ministries plan to combine their respective policy tools and areas of expertise. The Ministry of SMEs and Startups will contribute its capabilities in identifying and nurturing promising small and venture companies and supporting startups, R&D, investment and commercialization, while the Ministry of Health and Welfare will bring its pharmaceutical biotech expertise and clinical and commercialization support infrastructure.
The two ministries jointly announced a "full-cycle pharmaceutical biotech venture collaboration plan" in March to address obstacles at each stage of growth for pharmaceutical biotech venture companies. They now intend to expand inter-ministerial cooperation through the K-Pharma Biotech Frontier Company Development Plan.
"We will actively support promising companies in growing from technology development through clinical trials, commercialization and entry into global markets by combining the Ministry of SMEs and Startups' R&D, investment and commercialization capabilities with the Ministry of Health and Welfare's pharmaceutical biotech expertise," First Vice Minister Noh said.
"We will work closely with the Ministry of SMEs and Startups, drawing on feedback from the field, to put in place an effective support system," Second Vice Minister Lee said.
boo@heraldcorp.com
