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Ladies and gentlemen,

We would like to extend my warm welcome to all of you to ‘The 9th Seoul International New

Pharmaceuticals Forum co-sponsored by Korea Research Institute of Chemical Technology

and the Financial News. We especially appreciate Yang Seung-Jo, chairman of Health Welfare

Committee and Son Moon-Gi, minister of Food and Drug Safety, and Lee Gyoo-Ho, president

of Korea Research Institute of Chemical Technology who came and participated in this forum.

As it is well known, new drug development is a huge challenge: It is a long, costly proposition.

The cost of development is estimated at nearly 1 trillion won and 10 to 15 years are expected

to be taken for development alone. Even if much time and funds are invested, the changes of

success are quite slim. With such difficulty, major global pharmaceutical companies with plentiful

capital have been monopolizing new drug development.

Recently, the Big Data is making a big change. The Big Data which calculates the large volume

of data more precisely at faster speeds is praised for possibly leading the fourth industrial revolution.

Garner, Inc., an American research and advisory firm, therefore, has compared the Big Data to

‘the 21st century oil’. In the information age, the Big Data is likely to have the role of a lubricant

which  boosts the relevant industry.

Advanced countries are mostly trying to make the best of the Big Data even in the healthcare

industry. New drug development is no exception. The Big Data is now in the spotlight for an

alternative which enables to shorten the process of new drug development dramatically. The

genetic Big Data, for example, can find a patient suitable for clinical testing from the beginning

and decrease a probability of failure in the testing.

This is why we have decided to use today’s forum theme of ‘New Drug Development Using

Medical Big Data’. Especially we have focused on how global pharmaceutical companies are

using the Big Data in the new drug development. Also we’ll take a close look at how much the

medical Big Data in Korea is being used.

 

Korea has emerged as one of the world’s largest information and communications technology

(ICI) power nations. It has large numbers of medical related data based on the national health

insurance and its healthcare and pharmaceutical industries have strong will to develop new drugs.

Therefore, in we can good use of the Big Data, we can also find a new opportunity in the new drug

development market. Prior to that, great care is needed for privacy protection. Medical information,

particularly, should be dealt with carefully. It is generally known that there are various technologies

which seek the public good, but not invade privacy.

We expect that such political tasks shall also be addressed at today’s forum. We wish this forum

could help Korea become a power nation of new drugs, and you all good health.

Thank you.

 


Jeon, Jae Ho
President & CEO,
The Financial News

 

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