The Ministry of Trade, Industry and Energy (MOTIE) revealed on Thursday its commitment to allocate a total budget of 266 billion won ($199 million) for bio research and development (R&D) this year.

In 2024, the ministry's focus will be on advancing biopharmaceuticals, including innovative new drugs, artificial blood, and microorganisms.

Additionally, efforts will be directed towards enhancing biomanufacturing capabilities through the development of manufacturing process technology.

The goal is to create full-cycle technology for market-oriented medical devices and to innovate convergent bioproducts for improved usability.

The government is set to provide support for the development of digital treatment devices and healthcare services incorporating artificial intelligence (AI) and big data.

Furthermore, emphasis will be placed on the development and demonstration of biomaterials by researching raw pharmaceutical materials and discovering biocompatible bioactive materials.

Of noteworthy mention, the ministry aims to allocate a new budget of 46.8 billion won for challenging and innovative projects within this year's budget. This allocation will be disclosed incrementally throughout the year to address the demand for timely new technology development.

MOTIE has scheduled a briefing session for Jan. 29 to share detailed information on specific support contents, planning intentions, new support methods, and procedures for the projects covered in this initial announcement.

In outlining its strategy, MOTIE said, "We are committed to providing ongoing policy support for the bio industry, aiming for its evolution into a new flagship industry. This entails reinforcing support for localizing biopharmaceutical raw materials, developing cutting-edge biomanufacturing technologies, creating convergent bioproducts, nurturing digital health services, and establishing a foundation for bio big data."