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Distinguished Guests,

 

It gives me immense pleasure in welcoming all the guests to the 10th Seoul Int’l New

Drug Forum co-hosted by Korea Research Institute of Chemical Technology (KRICT) 

and the Financial News. I am particularly grateful to the member of Health and Welfare 

Committee and the Minjoo Party Ms. Jeon Hae-Sook, director of Korea’s Ministry of 

Food and Drug Safety Mr. Ryu Young-Jin, and director of KRICT Mr. Kim Seong-Soo.

 

This year is the 10th anniversary of the Seoul Int’l New Drug Forum. There is a saying, 

“Ten years is an epoch.” As time changes everything, there has also been a definite 

change in the global pharmaceutical industry. It has become quite difficult to survive in 

the drug development race without knowing the new technology. Thus, we have decided 

the topic of the year’s forum as “Drug Development, Convergence with the New Technology.”

 

The drug development is a race against time and money. The longer the development 

takes, the more it will cost. It usually takes 10 years or more to develop a new drug, 

costing from hundreds of billions of won to several trillions of won. Moreover, the success 

rate is very small therefore not many had dared to challenge for drug development.

 

The Open Innovation has been suggested as an alternative, a way of sharing knowledge 

and resources among pharmaceutical firms, colleges, and research institutes. If supporting 

and encouraging one another, they can save time and cost spent for drug development. 

According to Deloitte, a global leader in worldwide business consulting, drug development 

by use of the open innovation may increase the chance of success by three times compared 

to the closed innovation developed by a pharmaceutical firm alone. At today’s forum, an 

active discussion about the open innovation will take place. Also, IBM, a front-runner in the 

relevant field will present some cases of drug development through “Deep Learning”, 

artificial intelligence (AI).

  

Ladies and Gentlemen!

 

Korea is dreaming of becoming a powerhouse with new drugs since its first drug development 

in 1999. Korea is still lacking in many respects in comparison with advanced pharmaceutical 

countries but I strongly believe that its potential is great enough. These days excellent young 

people in Korea are studying at medical school, pharmacy college, and nursing college. 

South Korean President Moon Jae-In’s administration is concentrating all its energy on 

creating new jobs through innovation and growth. When bright young people lead the way 

and the government supports them on this, it won’t be long before the dream of “Korea as a 

new drug power” is realized.

 

The pharmaceutical industry is catching on as a major industry of Korea, following by 

semiconductor. I wish today’s forum will be a good stepping stone for holding its place as the 

world’s new drug power, and hope all of you here good health.

 

 

Jeon, Jae Ho

President & CEO,

The Financial News 

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