The South Korean government has announced its support for the domestic biotech sector, with the aim of increasing its production capacity to $76.9 billion (100 trillion won). Korea aims to secure the top spot in the global biotechnology market by 2030.
To achieve this, the Ministry of Science and ICT has developed a long-term biotech development strategy that aims to integrate bio and advanced digital technology more rapidly. The strategy not only promotes continuous innovation in various sectors such as health, environment, and agriculture but also ensures the sustained momentum of futuristic advancements in these fields.
Over the next 7 years, the government plans to provide financial and administrative support to new biotech startups. The government is looking to foster young entrepreneurial talent in the country. By the end of 2030, industry experts anticipate that 1,000 new biotechnology-based firms will enter the market.
Government support and strategy for biotech sector growth
In 2020, South Korea’s annual biotech production reached a value of $34.5 billion (45 trillion won). The government is committed to enhancing the nation’s biotechnology sector. It is planning to propel the production capacity to $76.9 billion (100 trillion won). The country reported more than 330 biopharmaceutical companies in the biotech field in 2021. According to Statistica’s data, biopharma companies were the most prominent within the biotechnology industry.
The COVID-19 pandemic has highlighted the importance of securing proprietary vaccine development and production technologies. The significance of biotechnology has been raised in the past three years. Therefore, the Korean government is emphasizing research and development projects related to vaccines and innovative disease treatments.
The Ministry of Science and ICT is also encouraging biotech companies to adopt digital transformation strategies. These digital transformations include the increased utilization of artificial intelligence in the field of medicine and also the adoption of digital healthcare devices. Additionally, the development plan for the biotech industry aims to tackle the challenges posed by climate change.
Around 25 biotech companies in Daejeon City presented their challenges to the Ministry of Trade, Industry, and Energy on Wednesday. As per Yonhap, some of the main issues raised included a shortage of skilled employees in the market, difficulties in securing investment and funding, and also confusion surrounding government regulations.