SMEs minister vows to clear regulations blocking company growth

Minister of SMEs and Startups Lee So-young said Friday that "removing regulations that block companies from growing is far better policy."

Lee made the remarks during a visit to Organoid Sciences, a biotech company in Cheongju, North Chungcheong Province. "There are many support programs for companies — R&D support, loans and various other initiatives," she said. "The Ministry of SMEs and Startups needs to go beyond simply supporting pilot projects and play a role in ensuring regulatory reform is carried out efficiently as well."

Organoid Sciences, which Lee visited Friday, participates in North Chungcheong Province's advanced regenerative biotech global innovation regulation-free zone project. Organoids are a cutting-edge biotech technology that replicates human organs outside the body, serving as a next-generation life sciences platform used across fields ranging from regenerative medicine to AI.

The meeting focused on regulatory challenges faced by biotech companies. Organoid Sciences CEO Oh Sang-hoon said the biggest hurdle was "whether you can get past the 'death valley.'" He added that "survival is a major challenge because the business has no choice but to target a global market, and support is desperately needed."

Lee said the ministry planned to create an organization dedicated to identifying its role across four key sectors, including pharmaceuticals and biotech. "We will find our role in areas including advanced regenerative biotech, communicate more actively, and consult with regulatory agencies," she added.