SEOUL, Oct. 23 (Korea Bizwire) — South Korea will expand investment in the development of personalized medicine using big data to help foster startup companies in the biotechnology industry, the commerce ministry said Monday.
Personalized medicine offers particular treatment to individuals, which requires the establishment of a national database on genetics and other health-related information.
“We will actively support the research and development of new medicines utilizing genetic big data and accelerate technology transfer between venture companies and pharmaceutical companies,” Lee In-ho, vice minister of trade, industry and energy, said during the Korea Bio Plus Global Conference in Seoul.
The policymaker said the government will establish a medicine platform to enable companies to use vast hospital data for new businesses and ease regulations to encourage innovations in the emerging field.
Korea Bio Plus has been held annually by the Korea Biotechnology Industry Organization since 2015 to share the latest trend and business opportunities in the bio industry.