[연기금 K바이오 재편]④ 53조 투자…국내 '성장'·해외' 대형'

With 54 trillion won in healthcare holdings, South Korea's National Pension Fund is bifurcating its strategy—domestic investments target mid-cap biotech with demonstrated growth (CDMO, AI diagnostics), while international exposure concentrates on large-cap pharma leaders. This shift from R&D-driven speculation to rigorous evaluation of production capability and revenue conversion signals institutional investors' maturing approach to biotech risk assessment.