SEOUL, Jan. 20 (Korea Bizwire) — South Korea will extend 274.6 billion won (US$222.9 million) for research and development in the bio industry this year, the industry ministry said Friday.
The budget will be spent on a total of 252 new R&D projects in the four fields of bio pharmaceuticals, healthcare, bio materials and medical equipment in 2023, according to the Ministry of Trade, Industry and Energy.
In detail, the government plans to set aside 94.8 billion won in developing new medicines, microbiome analysis and other technology development for bio manufacturing process.
Around 69.5 billion won will be extended to support the development of advanced medical appliances, and 30 billion won will be spent on the development of state-of-the-art bio materials, according to the ministry.
“The government will beef up support for bio materials and other new fields of the sector to promote innovation,” the ministry said in a release.