S. Korea aims to elevate animal medicine sector to $2.7 billion by 2035
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Synopsis
On April 2, South Korea announced plans to significantly expand its animal medicine market to 4 trillion won ($2.7 billion) by 2035, aiming to create new economic growth engines, increase exports, and establish numerous pharmaceutical companies in the sector.
Key Takeaways
- South Korea plans to triple its animal medicine market by 2035.
- Exports of veterinary products are targeted to increase fivefold.
- The establishment of 15 new animal pharmaceutical companies is on the agenda.
- A large-scale R&D initiative will focus on new veterinary drugs.
- International standards for veterinary medicine manufacturing will be adopted.
Seoul, April 2 (NationPress) South Korea is set to undertake measures to expand the animal medicine market to 4 trillion won (approximately $2.7 billion) by 2035 as part of its strategy to cultivate new economic growth sectors, as stated by the Ministry of Agriculture, Food and Rural Affairs on Wednesday.
The government also aims to quintuple the nation’s exports of veterinary pharmaceutical products to 1.5 trillion won and establish 15 animal pharmaceutical firms, each generating at least 50 billion won annually over the coming decade, according to reports from the Yonhap news agency.
This initiative is driven by the rising global demand for animal health products, which has been fueled by a surge in pet ownership, increased consumption of livestock products, and the prevalence of infectious diseases among animals.
To realize these objectives, the government plans to launch a comprehensive research and development (R&D) initiative to secure essential technologies for creating new animal drugs, including vaccines for infectious diseases.
Furthermore, the government intends to enhance infrastructure for the animal pharmaceutical sector, implement measures to improve the quality and safety of veterinary medicines, and accelerate the process of developing new drugs.
The ministry indicated its intention to advocate for the enactment of a specialized law aimed at nurturing the industry.
In terms of boosting exports, the ministry plans to refine the guidelines for good manufacturing practices for veterinary medicines to meet international standards and aims to join the international Pharmaceutical Inspection Co-operation Scheme by 2038 to strengthen its presence in both the American and European markets.
"The ministry will strive to promote the development of the animal medicine industry in the mid-to-long term to establish it as a new economic growth driver," stated Agriculture Minister Song Mi-ryung.
