Greater opportunities for collaboration between Australian manufacturers and Korean health professionals have opened up, thanks to the South Korean “Innovative Strategy on the Bio-healthy Industry”.
The strategy, announced in May this year, aims to develop research and innovation in bio health.
The four core elements of the strategy include creating a database of information to be used in the development of personalised pharmaceuticals and medical technology, increasing Korean government investment in medicines and devices to $4.71 billion by 2025, a masterplan for bio-health professionals, and securing partnerships between companies, start-ups and venture-capital firms in the field of bio-health.
According to a statement from Austrade, this strategy provides an opportunity for Australian manufacturers in the field of medical technology and digital health.
“Australia’s capacity and capabilities are well matched with some of the main task areas of the Korean government’s implementation plan. This places Australia as a strong candidate to become a destination of choice and a sought-after strategic partner.”
Austrade identified three areas which Australian companies will be able to utilise this strategy to succeed. These include the demand for clinical trials and the development of digital health products.
Connections between Australia and Korea in the field of biotech were strengthened by the attendance of the largest Australian delegation at BioKorea 2019, with 18 biotechnology companies involved attending.
Korean delegates will return the favour at the AusBiotech conference, to be held in Melbourne from October 30. In attendance will be Korean biotech and pharmaceutical companies and investors.