The pharmaceutical industry, through developing new
drugs and vaccines, as well as providing them to those in
need,contributes in improving public health conditions and
qualityof life, whichcorresponds with the government's policy direction. The government's support for the pharmaceutical industry is stronger than ever, as expressed by its policies such as legislating the pharmaceutical industry promotion act, announcing its vision to become a pharmaceutical powerhouse, and developing a five-year program to foster the pharmaceutical industry. The pharmaceutical industry, which plays a central role in economic growth and quality healthcare, will work diligently to meet the government's goal.
Korea has positioned as the hub of global clinical studies in Asia because it has the necessary infrastructure in its rich labor force in areas such as basic science, life science, and clinical research, which are needed as foundations to developing new drugs. Also, many global pharmaceutical companies are exerting efforts to enhance the Korean market's position and reflect patient's need by inducing early stage clinical studies, as well as late stage studies. Furthermore, these companies are developing separate clinical trials targeting Asian people in Korea.
However, the improvement of drug pricing system to recognize proper value of new drugs, which are outcomes of R&D, still remain to be unresolved. An environment with virtuous cycle structure should be built so that more companies can concentrate efforts on developing new drugs. Also, the government needs to supplement and improve systems to increase patients' accessibility to essential drugs. As new pharmaceutical policies are introduced every year, if proper consideration are given to financial stability of the NHI, predictable policies, and proper assessment of the new drug's innovativeness, it would motivate the industry strengthen its R&D efforts.
In order to foster the pharmaceutical industry, KRPIA has been striving to build policy environment needed to expedite R&D of innovative new drugs and amicable cooperation relations between stakeholders in the industry. We will continue to induce global pharmaceutical company's participation with local R&D and strengthen its competitiveness in global market. Also, as a partner with both global and local companies, we will cooperate closely to promote transparency in pharmaceutical industry through the ethical management and improve drug price system.
And we want to ask your cooperation and support so that pharmaceutical companies can contribute to Korea's economic growth and grow as important partners. Thank you.