By Jung Joo-ri and Lee Jihae 

President Moon Jae-in on May 22 announced the government's road map for fostering the biohealth industry as a new engine for economic growth. 

At a seminar in Osong, Chungcheongbuk-do Province, he said plans are in place to have the domestic sector for pharmaceuticals and medical devices grab 6 percent of the global market, hit USD 50 billion in exports and become one of the country's five biggest export industries by 2030. 

The Korean biosimilar industry accounted for two-thirds of the world's market share last year and the country's biopharmaceutical production was second globally, the president said, adding, "Now is the perfect chance for us to lead the global biohealth market." 

The Ministry of Health and Welfare and the Ministry of Economy and Finance also announced a joint strategy to innovate the next-generation sector. The plan's focus is the development of non-memory semiconductors, future mobility and bio-health as core industries, and stimulation of the economy through the advancement of the bio-health sector and promotion of public health under the motto "human-centered innovative growth."

The government intends to foster the innovation system for biohealth, mainly in pharmaceuticals, from the early stages of development, licensing, production and sale on the market. It will also expand R&D, tax support and deregulation to meet global standards. 

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