The Ministry of Science and ICT (MSIT) said Tuesday it would invest 349 billion won ($328 million) in the research and development of biotechnology this year.
The budget, which is a 10.5 percent increase from last year, reflects the ministry’s goal to increase Korea’s share in the global bio-industry market from the current 1.7 percent to 5 percent and increase the workforce in the industry to 145,000, by 2025.
To this end, the ministry will focus on four core strategies: creating an innovative growth engine, building a venture and entrepreneurial ecosystem, improving the quality of life for citizens and improving regulations and systems.
The ministry plans to spend 59.4 billion won on developing new drug candidates, 25.3 billion won in healthcare, and 38 won billion in neuroscience. It will also create an ecosystem where researchers can establish start-up businesses, which in turn will increase the workforce in the industry.
Projects to improve quality of life included a 9.7 billion won budget for dementia research. The ministry also plans to form a task force or a consultative body that will alleviate regulation in the bio-sector.
“In the bio-sector, global endeavors for technology preemption and market leadership are becoming more and more competitive,” Vice Minister Lee Jin-kyu said. “The ministry expects to achieve bio-economic innovation and strive to become a global bio-power in the future this year.
<© Korea Biomedical Review, All rights reserved.>