Welcoming Speech at the Opening Ceremony of the 8thSeoul International New Pharmaceuticals
Forum. It gives me great pleasure to extend to you all a very warm welcome to the 8th Seoul
International New Pharmaceuticals Forum organized by the Financial News. The field of rare
diseases needs to be conquered to lead lives of human beings to be happy.
It is known according to the pharmaceutical industry that approx. 7,000 rare disease have been
discovered all over the world. But only 400 drugs, 5%, of them have been developed.
Just 200 drugs are qualified by Food and Drug Administration (FDA). This shows that the market
for rare disease drugs is the golden goose.
Therefore, we see that the field of rare diseases has great economic potential. Evaluate Pharma,
global analyzer of the biotech and pharmaceutical industry, expected the global pharmaceutical
market for rare diseases at 103 billion dollars based on the previous year. In addition, it is
expected to keep rapidly growing by an annual average of 15% up to 2020.
Accordingly,counties around the world are in competition by setting the industry for rare
disease drugs as a new core growth engine. Even South Korean government is supporting
pharmaceutical companiespolitically, institutionally, financially on the national level to develop
rare disease drugs. Those pharmaceutical companies are also immersing themselves in research
and development through massive investment.
At this 8th Seoul International New Pharmaceutical Forum, we would like to focus on the market
for rare disease drugs and take a look at both the current status of domestic industry and
I hope that this forum will lead the domestic pharmaceutical market, still in its infancy, to take
its place amongst the advanced countries and strength the competiveness of relevant industry.
Thank you very much.
Gweon, Seong Cheol