South Korea’s Ministry of Strategy and Finance has forecast that the global biotechnology sector will hit the $2.61 trillion mark by 2024. With the aim of placing South Korea as one of the seven leaders in biotech, the South Korean government plans to eliminate policies that impede the development of new technologies and businesses in order to expedite progress in the South Korean biotech sector, including the fields of biologic drug development, stem cell therapies, regenerative medicine and medical services. In 2015, eight federal ministries invested a combined KRW 2.38 trillion ($2.17 billion) into the biotech sector, with 86% of funds directed towards R&D. In March 2016, the government created a committee specifically to coordinate and simplify the policymaking process for biotech by various ministries. The Science Ministry announced a three-year plan in May 2016 to aid biotech startups through two funds totaling approximately KRW 80 billion. It also plans to streamline the approval process for new biologic therapies and for biotech companies seeking to be placed on KOSDAQ. In 2014, there were 975 biotech companies in South Korea, and the government has set a target of creating one thousand biotech startups within the next two decades.

Source: The Korea Herald