Private S. Korean investments in biohealth to reach 10 trillion won by 2023

South Korea’s leading biologics companies will invest hundreds of billions of won to building additional plants that would push the total amount of private investments for the biohealth industry to 10 trillion won by 2023.

Samsung Biologics will pour 1.7 trillion won into its new Plant 4 while Celltrion will invest 500 billion won to its Global Life Science Research Lab and Plant 3, all in Songdo, Incheon.

As its action plan for a more robust bio-industry ecosystem, the Government also pledged a 1.7 trillion won budget in 2021, up 30 percent from last year’s. The budget will prioritize pharmaceuticals, medical devices, and digital health care.

Biohealth players are building an ecosystem for biologics in Songdo, which now hosts 60 South Korean and international bio-related companies, employing around 7,000.

About 10 trillion won of investment is expected to be made in the city by some 40 health care and venture capital firms by 2023.

It would boost manufacturing capacity by 20 percent and employ an additional 9,300.

The government envisions the biologics workforce to grow to 47,000 by 2025 in a joint effort with the academe.

The regional bio clusters of Songdo, Wonju in Gangwon Province, Osong in North Chungcheong Province, and Daegu will increase collaboration.

The biologics industry is globally increasing 4 percent annually, higher than shipbuilders at 2.9 percent and car manufacturers at 1.5 percent.