Science Ministry to inject W80b for biotech growthMadeinkoreablog
South Korea’s Ministry of Science, ICT and Future Planning on Tuesday announced plans to inject a total of 80 billion won ($68.3 million) into nurturing 10 prospective companies in the country’s up-and-coming biotechnology health care sector.
Over three years, the ministry, in conjunction with the Health Ministry, plans to hand out 40 billion won to four local biopharmaceutical firms focused on developing cell and gene therapeutics ― Kolon Life Science, Genexine, Medipost and SillaJen.
The Science Ministry plans to channel another 40 billion won to six companies specializing in biotechnology-based medical devices ― i-SENS, Healcerion, Alpinion Medical Systems, GSM Korea, Cellumed and Woo Young Medical.
The investment agenda, to begin this year, was announced during a meeting led by the Science Ministry and attended by some 100 industry officials to discuss plans and strategies for Korea to boost its biotechnology segment and become an early global leader in the field.
It reflects ongoing efforts by the government to develop Korea as a significant player in the world’s burgeoning biotechnology health care sector, in which the country holds a competitive edge, according to the Science Ministry.
“The government plans to concentrate its efforts on nurturing the biotech business as the country’s future growth engine by expanding joint research and development with the private sector and improving legal regulations, among others,” said Vice Science Minister Lee Seok-joon.
In addition to the state funding, the four selected biopharma firms will receive global marketing and business assistance from the Osong Medical Innovation Foundation, while the Medical Device Information & Technology Assistance Center will offer marketing and compliance support to the six biotech medical device firms.