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S. Korea to foster local bio industry to produce W100tr by 2030

June 7, 2023 - 10:52 By Yonhap

The South Korean government said Wednesday that it will give full support to the local biotechnology industry to raise the sector's production capacity to 100 trillion won ($76.9 billion) by 2030 as part of its plans to become the world-leading biotech economy.

The Ministry of Science and ICT mapped out a long-term biotechnology development plan to accelerate the integration of bio and high-tech digital technologies as a way to bring about innovation in other sectors, like medicine, environment and agriculture.

South Korea's bio industry had an annual capacity valued at 43 trillion won in 2020, and the government will expand it to 100 trillion won over the next 10 years.

To achieve the goal, the ministry said it will encourage biotech firms to apply digital transformation strategies within the biotech spaces and fields, including artificial intelligence-based medicine, digital health care devices, digital breeding and synthetic biology.

The government will place its policy priority on large-scare research and development projects, helping the biotech industry with R&D of vital vaccines, innovative treatments and ways to prevent climate change.

The government's development plan also includes programs to help young entrepreneurs establish biotech startups and grow and give them financial and administrative support for R&D and overseas expansion.

Some 1,000 new ventures are expected to be set up every year around 2030, up from 399 new firms in 2020, according to the science ministry.

To create a new biotech-led ecosystem, the ministry will come up with measures to foster researchers and experts for the new digitally integrated biotechnologies and help form a global network on collaborative projects. (Yonhap)