The government has announced a strategy to double biopharmaceutical exports by 2030, foster three new blockbuster drugs, and make Korea the world’s third-largest hub for clinical trials.

Unveiled at a biopharmaceutical forum in Incheon on Friday, the plan includes cutting biosimilar approval times from 406 to 295 days and reducing health insurance listing periods from 330 to 150 days, alongside broader regulatory easing to speed market entry.

The strategy also calls for investment in AI-driven drug development, the creation of a bio big-data platform covering one million Koreans, and the training of 110-thousand professionals.

Officials said the ultimate goal is to position Korea among the world’s top five biopharma powers, supported by joint growth between major firms and biotech ventures as well as expanded CDMO capacity.

At the forum, President Lee Jae Myung highlighted the bio sector as a key driver of Korea’s future industrial development, stressing the need for government backing, fair competition, and faster, transparent approval processes for research and development.