Korea To Revise ‘Innovative Company’ Criteria Amid Calls From Foreign Industry

New Category For Global Companies

South Korea announces planned revisions to a government scheme to designate "innovative" biopharma companies amid allegations of "discrimination" against foreign firms.

innovation
Latest Measures Announced After Economic Ministerial Meeting (Shutterstock)

The South Korea government plans to improve the transparency and objectivity of standards for pharma firms to officially qualify as “innovative” and eligible for special policy treatment, amid foreign industry calls for improvement to the scheme.

There are also plans to ease the financial requirements for participation in state R&D projects to help ventures facing temporary financial difficulties.

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