Seoul: The Republic of Korea on Friday outlined a plan to help the biohealth industry double its exports by 2030 and join the world's top five.

According to Emirates News Agency, under the "K-Bio Leap Strategy," the government outlined new targets for the industry, which also include the fostering of three new blockbuster drugs and ranking third globally in clinical trials by 2030.

Korea is competitive in contract development and manufacturing (CDMO) services and biosimilars, ranking around 10th globally with biopharmaceutical exports of US$5.8 billion last year. The country aims to double its exports in the field in the next five years.

To speed market entry, the government plans to shorten the review period for biosimilars from 406 days to 295 days, and cut the time for reimbursement listing under the national health insurance programme from 330 days to 150 days.