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With the continued growth of pharmaceutical industry, the international competitions on investment in new drug development have been accelerated. While the basic research in the field of life sciences has made outstanding progress internationally, Korea yet does not have globally acknowledged results generated from innovative drug development, for which discussions to establish various strategies and policies are underway. In this context, it is to be noted that the role of translational service research, which connects outcome of basic research to clinical applications in order to facilitate new drug development, is being highlighted nationally and internationally. This study is a) to address major obstacles the drug development of Korea confronts, b) to analyze cases of key translational research conducted in domestic and abroad, c) and to draw implications to be considered for building translational service research collaborative model in the Korean context. It is finally to propose a policy option that will lead Korea to overcome the insufficiencies and weak bases compared to the advancement of leading pharmaceutical countries, such as US and Europe, by building effective collaborations between academia, institute and industry.