July 18, 2011
AsianScientist (Jul. 18, 2011) ? In an article published in The Korean Times, Prof. Ahn Choong-yong of Chung-Ang University writes about the need for Korea to work towards collaborative R&D with multinational companies. He is also the Korea Trade Promotion Corporation (KOTRA) Foreign Investment Ombudsman and Chair of the Regulatory Reform Committee.
Calling for multinational and domestic pharma in Korea to collaborate, the combination of ?collaboration? and ?economics?, i.e. ?collabonomics?, would help to drive Korea?s R&D efforts across both the sciences and IT sectors.
Citing a rapidly aging society and focus on health due to a rapidly improving per capita income, medical expenditure in Korea showed an annual 11.6 percent increase, the highest of OECD members, to 6.6 percent of its GDP in 2010. This, however, is still significantly lower than the OECD average.
Although Korea has produced 16 original and modified pharmaceutical products approved by the Korean Food and Drug Administration (KFDA), only one was recognized as a new global drug by the US Food and Drug Administration (FDA).
Korea?s biopharmaceutical production in 2010 was a mere 1.34 percent of its GDP, while R&D intensity of biopharmaceutical companies was 4-7 percent of its GDP. This is in contrast to the global R&D intensity of 15-20 percent of the country?s GDP.
Dr. Ahn pointed to a need to move from generic products that were cheap and quick to manufacture, to innovative medicines which were higher risk, expensive, and slow to develop. He encouraged Korean partnership with leading global biopharmaceutical manufacturers such as Pfizer, GlaxoSmithKline (GSK), Novartis, and Merck.
In the healthcare industry, he urged a broader and more competitive healthcare industry to chase the medical tourism dollar for Korea. To do so, there would need to be regulatory regime reform, such as recent measures to exempt tariff charges for experimental drugs imported for clinical trials and the banning of rebates by pharma companies to the medical sector.
The full article can be found at: The Korea Times, ?It is time to focus on ?collabonomics? in biotech?.
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Source: Korea Times.
Disclaimer: This article does not necessarily reflect the views of AsianScientist or its staff.
Source: http://www.asianscientist.com/biotech-pharma/it-time-focus-collabonomics-biotech/
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