President Lee pushes to cut red tape in biotech industry

We start here on the national front where President Lee Jae Myung has turned the spotlight onto the country's biotechnology sector as he seeks new growth engines.

I have our Presidential Office Correspondent Song Yoo-jin standing by on the line with the latest.

Yoo-jin do start us off.

Sunny, the panel discussion titled "K-Bio: Accelerating Innovation" wrapped up about an hour and a half ago.

The event in Incheon brought together industry leaders, researchers, lawmakers, and government officials to discuss ways to elevate biotechnology as South Korea's next flagship sector.

With the Lee adminstration having named biotechnology as one of its five next-generation growth engines, President Lee stressed the need to create an environment where researchers and companies can work more freely, creatively, and fairly.

Take a listen.

"Given the nature of this industry, research and development are critical.

It's important that the government doesn't become an obstacle but instead speeds up certification processes.

I believe deregulation and regulatory reform will be key, and we'll approach these issues with an open mind."

So what are the key takeaways from today's panel session?

Following the president's speech, the health minister laid out a policy roadmap focusing on cutting red tape, strengthening technology, talent, and capital, and drawing in new investment.

Participants also pitched ideas directly to the president, including calls for more funding for companies entering costly clinical trials, faster drug approval reviews, and ensuring long-term research stability.

President Lee concluded by urging relevant ministries to engage directly with stakeholders more often.

"If our economy and industries grow, it will not only create jobs and improve people's quality of life, but also open up new opportunities that can help ease inequality, divisions, and conflicts in our society."

Friday's event could be seen as the government's effort to elevate South Korea to the world's top five biotech powerhouses.

Back to you, Sunny.

All right Yoo-jin thank you for that coverage.