April 25, 2024
Bio
Gov’t allocates W316b for developing biotech industry
[THE INVESTOR] South Korea will spend 315.7 billion won (US$273.7 million) this year to develop the biotechnology industry, the Science Ministry said on Feb. 2
The amount is a 31.4 percent jump from a year earlier, and is aimed at developing key biotech in sectors, such as genomes and brain science, the ministry said.
According to officials, 262.6 billion won of the total budget will be allocated to develop key technology, including new medicine, medical instruments, and future-oriented medicine, which are viewed as the nation‘s next growth engines after IT.
“The bio sector is a leading science business industry where the results of R&D directly lead to success in the market. The ministry will make all-out efforts by designating the sector as the country’s strategic industry,” said Hong Nam-ki, vice minister of the ICT ministry.
The ministry said it also aims to spend the budget to provide an environment where young researchers can freely focus on research and development on medicine and medical devices.
(theinvestor@heraldcorp.com)
The amount is a 31.4 percent jump from a year earlier, and is aimed at developing key biotech in sectors, such as genomes and brain science, the ministry said.
According to officials, 262.6 billion won of the total budget will be allocated to develop key technology, including new medicine, medical instruments, and future-oriented medicine, which are viewed as the nation‘s next growth engines after IT.
“The bio sector is a leading science business industry where the results of R&D directly lead to success in the market. The ministry will make all-out efforts by designating the sector as the country’s strategic industry,” said Hong Nam-ki, vice minister of the ICT ministry.
The ministry said it also aims to spend the budget to provide an environment where young researchers can freely focus on research and development on medicine and medical devices.
(theinvestor@heraldcorp.com)
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