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Korea seeks to become one of 5 global leaders in biotechnologies by 2027

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Startups Vice Minister Kim Seong-sup speaks during a briefing at the Government Complex Seoul, Jan. 8. Yonhap

Startups Vice Minister Kim Seong-sup speaks during a briefing at the Government Complex Seoul, Jan. 8. Yonhap

Korea will work to export 30 trillion won ($20.5 billion) worth of biotechnologies over the next three years to become one of the five leading nations in the industry, the startups ministry said Wednesday.

To achieve such a goal, the Ministry of SMEs and Startups said it will create an innovative bio venture ecosystem where core technologies can be commercialized and used for the development of new medicines, unveiling its plan in a meeting of economy-related ministers.

Seoul's exports of biotechnologies decreased to 8 trillion won in 2023 from 14.1 trillion won in 2021 but are showing signs of a rebound, reaching 4.6 trillion won in the first six months of last year.

The ministry plans to newly create a 16 billion-won investment fund, with the participation of 14 local biopharmas, and another fund of up to 40 billion won that will be used to promote strategic cooperation with the Japanese bio industry.

Additionally, a 600 billion-won fund will be launched to support the development of novel drugs.

Through the efforts, the ministry aims to foster at least three unicorn companies with a corporate value of over 1 trillion won each by 2027.

" Korea's bio venture industry has reached a world-class level, but we are still lacking an ecosystem where main actors are coherently connected," Startups Minister Oh Young-ju said. "We are committed to fostering a virtuous cycle that enables bio ventures to efficiently transfer technology, accumulate knowledge and funding, and pursue new drug development." (Yonhap)



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