South Korea launched a national committee dedicated to biotechnology Thursday, in a strategic move to enhance the nation's global competitiveness in the rapidly evolving biotech market.
At its inaugural meeting, presided over by acting President Choi Sang-mok in Seoul, the National Bio Committee highlighted its goals of advancing the nation’s biotech sector as a key economic driver and positioning Korea among the top biotech nations.
The new state body, comprising 24 industry experts and 12 government officials from bio-related ministries, serves as an inter-ministerial governance body designed to coordinate bio-related policies and align public and private sector efforts towards strategic biotechnology development.
"Biotechnology must be nurtured as a new economic driving force," Choi said, underscoring the committee's role in advancing the nation's global biotechnology ambitions amid intense international competition.
Choi also pledged the government’s full support for the committee’s future efforts, urging government agencies to develop concrete plans for swift execution.
The meeting outlined key strategic priorities across infrastructure, research and development, and industry sectors.
In transforming infrastructure, the government has prioritized the creation of new bio clusters and the implementation of regulatory reforms to support industry growth. Plans are also in place to cultivate specialized bio professionals to meet the growing demands of the biotechnology sector.
The research and development strategy focuses on distributing biotechnology across various industries and integrating emerging technologies, such as artificial intelligence, to enhance efficiency. This approach also includes a shift toward a more data-driven model of biotechnology R&D.
The committee will support the commercialization of bio companies by strengthening product and manufacturing competitiveness while setting up investment funds to scale up new ventures. It also aims to boost the manufacturing capacity of contract development and manufacturing organizations, cementing Korea's global leadership in the CDMO market.
Biotechnology holds critical value across various sectors as an economic growth engine, with the global bio market projected to reach approximately $3.3 trillion by 2027, according to the Ministry of Science and ICT. The ministry further stressed its importance for promoting healthy lives, addressing food shortages and ensuring national security.
By No Kyung-min (minmin@heraldcorp.com)
