President Yoon Suk Yeol vowed Tuesday to nurture the biohealth sector into a key strategic industry, saying he hopes it will become the nation’s next semiconductor industry.
Yoon made the remark while meeting with health industry executives, scholars and doctors to discuss ways to create new markets related to biohealth.
“The government plans to combine capabilities and provide support in order to develop the biohealth industry into a key strategic industry,” he said during the meeting at the former presidential compound of Cheong Wa Dae, noting that the global biohealth market has enormous growth potential with a current value of around 2,600 trillion won (US$1,974 billion).
“First, there must be bold innovation and investment. We will have to focus investment on transforming medical, health and care services into those that are digital-based so that we can stay ahead of the global market,” he said.
Yoon unveiled plans to push for the creation of a biohealth cluster similar to one in Boston to help venture companies and young people make inroads in the industry.
He also stressed the importance of improving regulations on data so that it can be used to promote the growth of the biohealth industry.
“Biohealth technology is a new growth engine for the economy that helps us preemptively respond to various technologies and infectious diseases and dramatically enhances people’s health and quality of life,” he said.
Source: Yonhap News Agency