The South Korean government announced that it would spend 595 billion won ($525.6 million) by 2030 to support the country’s regenerative medicine sector.

According to the Ministry of Science and ICT, the program will start in July this year, focused on supporting the overall research and development of regenerative medicines, exploration of related business opportunities and out-licensing of technologies.

The goal is to help local firms develop at least four new regenerative medicines, register 1,409 patents and out-license 317 technologies.

The ICT Ministry has appointed Ewha Womans University’s Molecular Medicine professor Jo In-ho as the head of the state-led project.

Professor Jo was the head of Korean Tissue Engineering and Regeneration in 2016. He has been also the leader of Ewha Womans University Medical Center since July 2019.

Jo will serve until March 3, 2024, and will be allowed to seek a second term.

By Shim Woo-hyun (ws@heraldcorp.com)