KoreaTechToday - Korea's Leading Tech and Startup Media Platform
  • Topics
    • Naver
    • Kakao
    • Nexon
    • Netmarble
    • NCsoft
    • Samsung
    • Hyundai
    • SKT
    • LG
    • KT
    • Retail
    • Startup
    • Blockchain
    • government
  • Topics
    • Naver
    • Kakao
    • Nexon
    • Netmarble
    • NCsoft
    • Samsung
    • Hyundai
    • SKT
    • LG
    • KT
    • Retail
    • Startup
    • Blockchain
    • government
No Result
View All Result
KoreaTechToday - Korea's Leading Tech and Startup Media Platform
No Result
View All Result
Home Biotech

South Korea to ease regulations for data-driven healthcare startups

 7 total views,  1 views today

Jinju by Jinju
PUBLISHED: May 26, 2023 UPDATED: May 26, 2023
in Biotech
0
South Korea to ease regulations for data-driven healthcare startups

South Korea is planning to nurture the biotechnology industry as a new economic growth engine. Choo Kyung-ho, Korea’s Finance Minister, announced on Wednesday that they are working to ease regulations and build a friendly environment for healthcare startups.

They are looking to empower biotechnology startups by giving them access to a wide database of government-owned health insurance agencies as well as private hospitals. The government intends to decisively relax rules. It’s levelling the ground for more data-based healthcare businesses.

The Korean finance minister underscored the potential of the biotechnology industry during his visit to Aprogen Inc., a prominent biopharmaceutical company. According to him, the biotechnology industry is an up-and-coming sector. It fosters the development of other industries, new advanced technologies and also cultivates innovations. The government is planning to strengthen the biotechnology industry just like the semiconductor industry.

As per the finance minister, South Korea will soon officially announce detailed information on how the country will strengthen and support the domestic biotechnology industry in its growth. The research, development, manufacturing, and commercialization of biotech products will require substantial investments as well. However, with a solid plan for the biotechnology industry, the government is striving to attract investment into the sector.

In 2021, the Korean biotechnology industry’s exports amounted to around 11.9 trillion South Korean won. This figure was higher than the previous year’s exports. In the same year, there were 333 pharmaceutical companies in the country. Similarly, there were about 376 biochemical, bioenergy companies, and bio food companies in total operating in Korea. Since 2004, South Korea’s biotechnology exports have been steadily increasing.

The Korean government is currently focused on fostering data-driven healthcare startups. The government is trying to accelerate its research and development work.

10 years funding plan for research institutes, healthcare startups, and other platforms

Last year, South Korea’s Ministry of Science and ICT announced its aim to invest around 400 billion won in the research and development of new biotechnologies in the next ten years. The ministry also announced that it’s going to reduce dependence on biotechnologies from foreign companies. Instead, they are focusing on securing more domestic biotechnologies.

The government further announced that it will also introduce several infrastructures and platforms that can help the local biotechnology industry.

In March this year, US-based venture capital firm Orange Grove Bio formed a strategic collaboration with Yonsei University Health System (YUHS), a leading medical institution in South Korea, and Pohang University of Science and Technology (POSTECH), a private research institute. Together, the three will strengthen the biotechnology entrepreneurial ecosystem in South Korea.

Orange Grove Bio, YUHS, and POSTECH will facilitate the translation of scientific discoveries made by researchers at both educational institutions. They will also develop and commercialize novel therapeutics.

Under the partnership, several graduate internship programs will be introduced at YUHS and POSTECH. This will be an opportunity for students to gain first-hand experience in the biotechnology industry by working closely with reputed companies.

 

What’s your thoughts?
+1
0
+1
0
+1
0
+1
0
+1
0
+1
0
+1
0
Tags: biotechbiotechnologydatabasehealthcareSouth KoreaStartups

Related Posts

AMSBIO to revolutionize Korea’s diagnostic market with saliva-based cancer diagnosis technology
Biotech

AMSBIO to revolutionize Korea’s diagnostic market with saliva-based cancer diagnosis technology

March 27, 2023
President Moon Jae-in giving a speech about the country's biotechnology industry during a signing ceremony held at Yonsei University Global Campus in Songdo, Incheon.
Biotech

South Korean Firms to Inject 10 Trillion Won into Biotechnology by 2023

November 19, 2020
Celltrion's antiviral treatment candidate CT-P59 for COVID-19 lowered the amount of SARS-CoV-2 virus in infected ferrets by 100 times.
Biotech

Celltrion’s CT-P59 Antiviral Candidate Reduces COVID-19 Virus 100-Fold

June 2, 2020
Samsung Biologics signs CMO deal with GSK to supply biopharmaceutical products.
Biotech

Samsung Biologics Signs 287 Bln Won CMO Supply Deal with GSK

May 22, 2020
macrogen logo
Biotech

Macrogen’s AxenTM COVID-19 RT Test Kit Gets Export Approval

May 22, 2020
Bioneer's test kit reader ExiStation 48. / photo courtesy of Bioneer
Bioneer

Bioneer’s Molecular Diagnostic Equipment Attracts Global Attention

May 21, 2020
No Result
View All Result

Follow Us

FREE NEWSLETTER




PRODUCTS

Most Popular

  • 5 Best Korean to English Translation Apps

    0 shares
    Share 0 Tweet 0
  • Top South Korean Tech Products to Look Out for in 2021

    0 shares
    Share 0 Tweet 0
  • Samsung to build memory chip based supercomputers, expects surpassing Taiwan Semiconductor Manufacturing Company

    0 shares
    Share 0 Tweet 0
  • Netmarble subsidiary Metaverse Entertainment’s K-Pop virtual girl band MAVE has a smashing online debut

    0 shares
    Share 0 Tweet 0
  • 5 All-Time Best Rom-Com K-Dramas to Watch

    0 shares
    Share 0 Tweet 0
  • Naver and Kakao Quicken Entry into Business AI Market

    0 shares
    Share 0 Tweet 0
  • Top Nine Mobile MMORPG in South Korea for 2020

    0 shares
    Share 0 Tweet 0
  • Kakao Mobility and Kia collaborate to develop purpose-built vehicle for ride-hailing services

    0 shares
    Share 0 Tweet 0
  • World’s First 5G Robot Café has a Seoul Opening

    0 shares
    Share 0 Tweet 0
  • Top Eight Promising EdTech Startup Companies in South Korea

    0 shares
    Share 0 Tweet 0
  • About Us
  • Account Page
  • application form
  • Cookie policy
  • Default Redirect Page
  • homepage
  • Login
  • login form
  • LogOut
  • Newsletter
  • Privacy Policy
  • Register
  • Reset Password
  • Sample Page
  • Subscription Plan
  • Terms of Use
  • test
  • test
  • testpage
  • TOS Page
  • Visitor Inside User Page

Copyright © 2023 KoreaTechToday | About Us | Terms of Use |Privacy Policy |Cookie Policy| Contact : press@koreatechtoday.com |

No Result
View All Result
  • Topics
    • Naver
    • Kakao
    • Nexon
    • Netmarble
    • NCsoft
    • Samsung
    • Hyundai
    • SKT
    • LG
    • KT
    • Retail
    • Startup
    • Blockchain
    • government

Copyright © 2023 KoreaTechToday | About Us | Terms of Use |Privacy Policy |Cookie Policy| Contact : press@koreatechtoday.com |