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

South Korea is making a bold move to transform its biotechnology sector by 2027. The government is investing heavily in creating an innovative ecosystem for bio ventures, with plans to boost exports and develop new medicines. They're targeting significant growth through strategic funds and supporting startup development. By fostering collaboration and technological innovation, South Korea hopes to position itself as a global biotech leader.

"We are committed to fostering a virtuous cycle that enables bio ventures to efficiently transfer technology" - Oh Young-ju, Startups Minister

by IANS January 15, 2025 68 views

Seoul, Jan 15: South 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 on Wednesday.

Key Points

1. Seoul plans massive investment in biotech venture ecosystem

2. Creating strategic funds to support drug development

3. Targeting three biotech unicorns by 2027

4. Expanding technological transfer and knowledge accumulation

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, Yonhap news agency reported.

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.

"South 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."

Earlier, South Korea's science ministry said that the country aims to focus on advancing its national strategic technologies this year, including artificial intelligence (AI) and advanced biology.

In a joint policy report for 2025, the Ministry of Science and ICT said it will devise a comprehensive roadmap to facilitating the growth of the AI industry to make South Korea one of the three global leaders in the field.

It also plans to launch a 1 trillion won ($683.7 million) project to develop artificial general intelligence and create an 810-billion-won fund to provide financial support to AI startups in the country.