The Ministry of Health and Welfare and the Ministry of SMEs and Startups announced a 'full-cycle collaboration plan to systematically support the growth and global expansion of pharmaceutical bio-ventures.'
Package support will be provided from investment, R&D, and clinical entry to global expansion to nurture venture candidates expected to create blockbuster drugs with annual sales exceeding $1 billion. At the policy discussion, a '4UP Strategy' focusing on scale-up, open innovation, ecosystem strengthening, and field collaboration was adopted.
Industry voices called for a 'virtuous cycle ecosystem between bio-ventures and pharmaceutical companies,' with key requests including addressing regional companies' limitations in attracting venture capital, improving regulations for new modalities, and easing listing maintenance requirements. Strategic utilization to respond to the rapid growth of China's bio market was also discussed.
