[ad_1]
In mid-January, President Yoon Hee-yeol led an economic delegation to visit the United Arab Emirates and Switzerland. Working alongside President Yoon, a business entourage comprising major Korean companies met with UAE government and business leaders.
Medytox successfully laid the foundation for entering the Middle East market during this tour. At the Korea-UAE Business Forum, Medytox signed a memorandum of understanding with state-run Tecom Group to build a factory in Dubai Science Park to produce finished botulinum toxin, the company said on Jan. 17.
However, there are voices of regret in the industry. Of the 101 companies participating in the economic mission, Medytox was the only biopharmaceutical company larger than a start-up or venture capital firm.
The Korea International Trade Association, which selected corporate participants, later said that expected performance such as business relevance, prospects, order receipt and contract signing was considered in the selection, leaving industry executives with greater regret.
South Korean biopharmaceutical companies are currently busy preparing a global bridgehead to enter overseas markets with new indigenous drugs. They must also keep an eye on the Middle East market.
These companies have high hopes of opening up a path for the export of domestically produced medical equipment other than traditional pharmaceutical products, but the government has failed to support them.
Tensions are now hanging over the biopharmaceutical industry as the government raids some vaccine developers, including those for Covid-19. While the pandemic is turning into an epidemic, these companies must preserve the lessons learned from developing new drugs. In practice, however, they found it necessary to cover up all traces of their efforts.
Of course, there are contrasting cases. For example, Lunit CEO Suh Kyung-seok, who participated in the World Economic Forum in Davos, Switzerland, demonstrated Korea’s high-level artificial intelligence industry and showed a blueprint for the future.
Through this event, Lunit showcased the bio and healthcare industry as a new growth engine in Korea. It also took full advantage of the opportunity to build investor trust, as evidenced by the soaring share price.
Due to the severe business environment and persistent inflation, the domestic biopharmaceutical industry is facing a severe operating winter. As a result, some have attempted initial public offerings or capital increases with little success, struggled to obtain operating funds and postponed major investment plans or R&D plans.
To develop new medical products and devices under strict regulation, companies must invest long-term and large amounts of money. They have no choice but to endure prolonged suffering. Governments must help them through sustainable outreach and support messages. Only domestic blockbusters and vaccines can come. Now is the time for governments to put pressure on discouraged biopharma companies.
[ad_2]
Source link