SEOUL, June 3 (Korea Bizwire) — South Korea’s leading pharmaceutical and biotech companies are increasingly shifting toward direct sales operations in overseas markets, betting that bypassing local distributors will yield greater long-term profits and stronger control over pricing and marketing. Industry leader Celltrion has recently expanded its direct sales footprint in Europe, transitioning its Spanish operations [...]
SEOUL, March 5 (Korea Bizwire) — The government announced Wednesday its plan to create a 50 trillion-won (US$34.4 billion) fund to support the semiconductor, rechargeable battery, bio, artificial intelligence (AI) and other advanced industries as part of efforts to bolster South Korea’s industrial competitiveness. The plan was endorsed at a weekly meeting of economy-related ministers, [...]
SEOUL, Feb. 26 (Korea Bizwire) — Acting President Choi Sang-mok on Wednesday reaffirmed the government’s commitment to turning South Korea into one of the world’s top five leaders in the advanced bio sector, stressing the emerging sector is comparable in size to major industries combined. “The global advanced bio industry was valued at US$2 trillion, [...]
SEOUL, Sept. 13 (Korea Bizwire) — South Korea seeks to expand ties with Africa in key areas, such as agriculture, biohealth and climate change, to strengthen a mutually beneficial partnership with the continent, the finance ministry said Wednesday. Finance Minister Choo Kyung-ho made the remark during the opening speech of the seventh Korea-Africa Economic Cooperation [...]
SEOUL, March 27 (Korea Bizwire) – South Korea will establish a 113.5 billion-won (US$101.8 million) fund to nurture startups and venture firms in the bio sector to secure new growth engines, the science ministry said Monday. Under the comprehensive plan finalized during a government meeting presided over by Acting President and Prime Minister Hwang Kyo-ahn, [...]
SEOUL, Jan. 2 (Korea Bizwire) – LG Chem Ltd., South Korea’s top chemicals firm, will focus on the energy and bio sectors this year as part of an effort to diversify its business portfolio and secure new growth engines, its head said Monday. In a New Year message to its employees, Park Jin-soo, vice chairman [...]
SEOUL, June 12 (Korea Bizwire) – Annual exports from South Korea’s healthcare businesses surpassed 10 trillion won for the first time last year, the Ministry of Health and Welfare said Sunday. Overseas shipment of Korean medicines, medical equipment and cosmetics products totaled $8.83 billion, or 10.2 trillion won, in 2015, up 21 percent from the [...]
SEOUL, Oct. 14 (Korea Bizwire) – Funding of 32.7 billion won will be offered by the government to develop core technology in the bio, metallic material and chemical processing fields. The Korea Evaluation Institute of Industrial Technology (KEIT) announced that it will support new projects together with the Ministry of Trade, Industry and Energy, and [...]