Shin Dong-kun, a dentist-turned-politician, criticized the Yoon Suk Yeol government’s recent decision to slash the research and development (R&D) budget for 2024, at an international bio conference in Seoul.

Rep. Shin of the opposition Democratic Party is also the head of the National Assembly’s Health and Welfare Committee.

Shin took the podium to deliver his congratulatory speech at the 2023 Global Bio Conference (GCB 2023) that kicked off at a hotel near COEX on Wednesday.

Commencing his address, he highlighted that the significance of biopharmaceuticals has surged in the aftermath of the pandemic, playing a vital role in preventing rare and incurable diseases, along with addressing the threat of emerging infectious diseases.

He went on to emphasize the escalating expansion of employment opportunities within the biotech sector year by year, along with the integration of cutting-edge advancements such as AI and big data. 

This convergence, he noted, has positioned Korea at the forefront of the biotech industry, giving it a competitive edge as a leading country.

However, Shin's speech took a somber turn as he highlighted what he perceived as a setback.

“At a time when the biopharmaceutical industry is becoming globally competitive, there is some troubling news,” he said.

“The government executed a 16.6 percent R&D budget cut for next year without concrete evidence, just right after the President's ‘R&D cartel’ remark,” he said.

The R&D budget cut followed President Yoon's remarks at the National Financial Strategy Conference in June, where he said the R&D budget should be reviewed from scratch because there were some people in the science and technology community who unfairly or illegally used the government’s money under the pretext of research. 

Shin said the R&D budget represents an investment in Korea's future, having garnered increased support from both liberal and conservative parties alike. 

“My concern lies in the potential detriment that budget reductions could impose upon the nation's growth engine and the advancement of the biopharmaceutical industry,” he said.

According to the Ministry of Science and ICT, the government allocated 25.9 trillion won for R&D programs for 2024, drastically down 16.6 percent from 31 trillion won marked for 2023. 

It is the first time in eight years since 2016 that the government’s R&D budget was cut in Korea.