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Distinguished Guests, Ladies and Gentlemen from Home and Abroad:

 

It gives me immense pleasure in welcoming all of you to the 

11th Seoul International New Pharmaceuticals Forum co-hosted 

by the Financial News and the Korea Research Institute of Chemical Technology(KRICT).

 

First of all, I would like to express our deep appreciation and

profound thanks to Jeon, Hye-Sook, member, the Health Welfare Committee,National Assembly,

Lee, Eui-Kyung, Minister of Food and Drug Safety, Kim, Sung-Soo, Managing director, Science,

Technology and Innovation Office, Ministry of Science and ICT and former chief of KRICT,

Kim, Chang Gyun, acting chief of KRICT, Won, Hee-mok, chairman, Korea Pharmaceutical and

Bio-Pharma Manufacturers Association, and officials from sponsoring institution, who are

taking their precious time for today's event.

 

The pharmaceutical industry is also being changed drastically by the 4th industrial revolution.

Time and cost management is the biggest challenge especially for developing new pharmaceuticals,

but the new technological advances are likely to allow us to overcome such challenge. It is 

generally known that it takes at least a decade and requires from hundreds of billions to trillions 

of won for R&D performed in a new pharmaceutical drug. Compared to the time and effort involved,

probability of success is merely 3 to 4%, which isn’t that high.

 

And a clinical trial is important in the development process of new pharmaceuticals. However, 

new pharmaceuticals that have been effective in the pre-clinical trials fail to be effective 

on the human clinical trials, which frequently leads to discontinue the development of new 

pharmaceuticals. It has been anticipated that costs and time for clinical trials can be reduced, 

if the effects of new pharmaceuticals can be confirmed at the cellular level of human tissues. 

 

With the development of new technologies since the advent of the 4th industrial revolution, 

studies on the effects of pharmaceuticals through tissue chips and organoids are lately 

carried out vigorously. That’s because the technology which enables to make 3-D cell structure 

using stem cells has become available.

 

I hope that presentations and discussions on ‘tissue chips’ and ‘organoids’ at the forum today 

could help Korea to become a powerful nation for pharmaceuticals. I wish all the best of luck and 

good health for all of you here. Thank you. 

 

 

Kim, Joo Hyun

President

Financial news

 

 

 

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