SEOUL, Dec. 7 (Korea Bizwire) — South Korea will funnel 400 billion won (US$304.5 million) into research and development next year to foster the digital transformation in the bio technology sector as part of the country’s long-term future growth plan, the science ministry said Wednesday.
The Ministry of Science and ICT released its latest digital-biotech strategy, saying the integration of digital technology into areas of the bio industry is the newest paradigm to increase efficiencies in technology transfers and manufacturing process development by using big data or artificial intelligence.
The government will take the lead in building five basic infrastructures by 2028, including a bio foundry with automatic research and manufacturing facilities and a state-led bio data station, to help companies experience digital transformation at the facility and manufacturing process levels.
Twelve key bio technologies, like gene editing, stem-cell therapy, organoid and brain science, will be financially supported by the government over the ensuing decade.
The ministry said it has set aside 400 billion won for next year for the project, aimed at helping South Korea become one of the world’s leading countries in the bio sector, and will increase the amount in the coming years.
In order to fast-track the project, the ministry will make efforts to tune up legal and administrative processes and seek ways to soften regulations in the related industries.