The government and private sector will invest 25 trillion won to develop ten new globally recognized drugs within five years, two of which are to be “blockbuster drugs” with annual sales over one trillion won.

The health ministry on Friday held a committee meeting on fostering the pharmaceutical industry and approved a comprehensive support plan replete with tasks and strategies to push South Korea into the global top six in biomedicine.

Over the next five years, the country will also aim to double pharmaceutical exports, create 30-thousand new jobs in the biomedical sector and cultivate three drug firms that rank within the global top 50 with over three trillion won in annual revenue.

To this aim, research and development investment will be expanded to uncover new technologies, foster talent and improve regulations, with the incorporation of artificial intelligence and big data to develop new medicine.

The government will also push to open a related committee on biohealth under the prime minister's office to facilitate institutional support.