South
Korea's president vowed on Monday a series of regulatory reforms to help regain
its place as a stem cell research powerhouse, trying to reclaim momentum five
years after a cloning scandal.
President Lee Myung-bak said that by breathing
new life into the industry, it could become "core new growth engine"
for Asia's fourth biggest economy along the same lines as its lucrative IT
sector.
"Just a decade ago, Korea took the lead
in stem cell research in the world along with the United States," Lee said
in a bi-weekly radio address.
"Unfortunately, there was a disappointing
incident, which caused inevitable damage to the entire stem-cell research
community in Korea," Lee said, referring to the scandal involving the
pre-eminent scientist, Hwang Woo-suk.
South Korea had once been considered a global
leader in human embryonic stem cell research until review boards said in 2005
that the team led by Hwang had manipulated key data in its studies on cloning
stem cells, sparking a fraud case that shook the global scientific community.
As a result of the scandal, South Korea all
but put stem cell research into the deep freeze.
Lee said the lapse had allowed other countries
such as the United States, Japan, Britain and China to get the jump on South
Korea, depriving the country of valuable revenue.
"While we were faltering in our quest for
stem cell research, other nations streamlined their regulations and
aggressively expanded their investments in research," he said.
"CORE
GROWTH ENGINE"
Lee said the government would invest nearly
100 billion won ($90 million) in stem cell research next year and that it would
reform related regulations to make clinical and licensing procedures easier.
He said the reforms would help the Korea Food
and Drug Administration (KFDA) and other agencies "to ensure that they
proactively adapt to the changes in the international environment".
"The government has decided to foster the
stem cell industry as a core new growth engine following the footsteps of the
IT industry," he said.
Stem cells are the body's master cells and the
source of all cells and tissues. Because of their ability to generate different
types of cells and multiply and self-renew, scientists hope to harness them to
treat a variety of diseases and disorders, including cancer and diabetes, and
injuries.
Stem cell research is "very rewarding and
significant in that it can give hope to those who suffer from rare and
intractable diseases," Lee said.
"In addition, from a business
perspective, it can be said to be a high-value-added industry.
"This field is new and offers infinite
room for advancement, and how well we manage at this initial stage will make an
enormous difference down the road. The country should now set its eyes on
emerging as a stem cell powerhouse."
The government will create a national stem
cell bank for use to produce, preserve and supply stem cells to various
researchers in the country on a stable basis, Lee added.
In July, the KFDA approved stem cell
medication in the form of a treatment for heart attack victims for the world's
first clinical use.
That Hearticellgram-AMI treatment, developed
by FCB-Pharmicell, signaled the country's first salvo to put research in the
field back on the frontline.
By Jeremy Laurence
Business & Investment Opportunities
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