Covid Puts Focus On Medical Competitiveness
Japan's governing party has begun studying ways to make the country's pharmaceutical industry more competitive. The move comes as Japan falls behind in the global race to develop coronavirus vaccines.
US and European giants like Pfizer have taken the lead. China and Russia have also developed their own shots and are engaged in vaccine diplomacy.
Some say that Japan's lag in vaccine development raises national security concerns.
Lawmakers of the Liberal Democratic Party will study what needs to be done to speed the development of vaccines and other drugs.
They'll discuss a broad range of topics, from human resources development to approval and pricing policies, and submit proposals to the government.
Japanese pharmaceutical firms are relatively small with limited budgets.
Analysts say the key to their success lies in investing money efficiently to develop highly profitable drugs.