November 28, 2024

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(123rf)

The Korea Pharmaceutical and Bio-pharma Manufacturers Association on Friday sent a written opinion to the US government, in which the business lobby raised concerns over the Biden administration's executive order aimed at bolstering domestic production of biotechnology and biomanufacturing products.

"The US should not take discriminatory measures against its allies,” the association said in a statement released on Wednesday, adding that the executive order should not violate the global supply chain from a long-term perspective.

In September last year, President Joe Biden signed an executive order laying out a strategy to bolster domestic biotechnology and biomanufacturing sectors. The move was to reduce reliance on China and overseas countries for new medicines, chemicals and other products. Under the executive order, the US government is expected to spend over $1 billion in building domestic biomanufacturing facilities.

The KPBMA's recent request follows the US government’s collection of opinions from related parties until Friday last week, before its scheduled rolling out of detailed plans in March.

The KPBMA stressed that South Korea’s pharmaceutical and biopharmaceutical companies have been ramping up their investments in the US market through building offices in various locations, including Boston and Silicon Valley. Korean companies are also trying to build manufacturing infrastructure in the US, the association stressed.

The association noted that South Korea will be able to help the US build a network for a stable supply of materials for its pharmaceutical and biomanufacturing industries.

“South Korea has many well-trained researchers and manufacturing staff, as well as a large-sized biomanufacturing capacity,” the KPBMA said.

“South Korea can become a great partner of the US in developing the latter biomanufacturing industry,” it added.

By Shim Woo-hyun (ws@heraldcorp.com)