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South Korea will invest 274.6 billion won in the bio-industry this year for 252 new R&D projects in the four fields of biopharmaceuticals, healthcare, biomaterials, and medical equipment in 2023.
According to South Korea’s Ministry of Trade, Industry and Energy, 94.8 billion won would be allocated to developing new medicines, microbiome analysis, and other biomanufacturing process technology.
Around 69.5 billion won will support the development of advanced medical appliances, and 30 billion won will be for developing state-of-the-art biomaterials.
The ministry added that beefing up support for biomaterials and other new fields of the sector would promote innovation.
