[Herald Interview] Protecting intellectual property is critical to drug innovation | So Good News

According to a senior official of the International Federation of Pharmaceutical Manufacturers and Associations, strong intellectual property protection is a key factor in the rise of pharmaceutical and biotech firms to global prominence.

“Because our industry is one of the most highly regulated, what you need to excel in this environment is, of course, the ability to innovate first and foremost. But this is only allowed with very strong intellectual property protection,” said Fumi Griego, deputy director general and chief operating officer of IFPMA, in an interview with The Korea Herald last week.

Based in Geneva, IFPMA represents more than 90 pharmaceutical companies and associations worldwide, including most pharmaceutical powerhouses such as AbbVie, Johnson & Johnson, Novartis and Pfizer.

“Whether it’s the US, Europe or Japan, historically, basic IP protection and capabilities have allowed companies to invest deeply in risky R&D. That’s why it’s so important to allow such incentives for future success with IP,” he added.

According to the Korea Healthcare Industry Development Institute, it usually takes 10 to 15 years to develop a new drug and get regulatory approval. Moreover, only about 1 in 5,000 to 10,000 drug candidates are converted into products.

Griego stressed the importance of a robust regulatory system for successful commercialization and noted that various countries have built certain hubs to support and develop the pharmaceutical industry.

“Companies can only do what the ecosystem can provide, so there are a number of important policy dimensions to this,” he said.

An IFPMA official noted that the Korean government should be commended for its efforts to promote the country’s life sciences sector and lay the foundation for an innovation ecosystem, and said there is a reason why multinational drug manufacturers partner with Korean-based companies.

Regarding the outlook for the Korean biotech industry, Griego was optimistic but called for more stimulus from the government.

“I think there are a number of companies that are very well positioned to take the next step. Moving forward, not only in Korea, but globally, policies that allow these companies to continue to invest in innovation that can (protect) IP, as well as health policies that reward and incentivize new medicines,” he said.

By Kang Hyun Woo ([email protected])