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KRW 1 Trillion for Innovative New Drug Development, Budget Surges for Biohealth (Dailypharm, Sep 4 2019)

KRW 1 Trillion for Innovative New Drug Development, Budget Surges for Biohealth  (Dailypharm, Sep 4 2019)

 

On September 4, MOHW convened the 1st meeting for Biohealth Industry Innovation Strategy Committee to review ‘Biohealth Industry Innovation Strategy’ execution progress and to talk about prospective plan. MOHW has increased R&D budget for 2020 by 16% than this year’s KRW 990 billion and allocated KRW 1.15 trillion. And at the moment, a preliminary feasibility research is ongoing to test KRW 3.50 trillion worth State-run new drug development program effective from 2021 to 2030. MOHW is also planning to provide tax deduction benefit for incrementally modified bio-drugs. MOHW has submitted to the NA plenary session a revised version of tax legislation for the year.