SEOUL, Jan. 14 (Korea Bizwire) — SK Networks Co., the general trading arm of South Korean conglomerate SK Group, said Friday it has invested US$12 million in a U.S. biotech startup specializing in making alternative leather. SK Networks took part in a round of $126 million funding for MycoWorks, a Silicon Valley-based biomaterials company, and [...]
SEOUL, Dec. 22 (Korea Bizwire) — South Korea said Tuesday it will invest 520 billion won (US$470 billion) in biotechnology next year as part of efforts to develop treatment and vaccines for COVID-19. The Ministry of Science and ICT said the figure represents a 24.9 percent hike from 2020. The ministry said it will spend [...]
SEOUL, July 16 (Korea Bizwire) — New government regulations will require South Korean biotech companies to track and monitor patients who are injected with stem cells or gene therapy treatments. According to the Ministry of Food and Drug Safety on Wednesday, the Advanced Regenerative Bio Act, enacted to strengthen the safety management of advanced regenerative [...]
SEOUL, Jan. 2 (Korea Bizwire) — A recent study has revealed that one third of South Korean biotechnology companies have yet to make a single sale. According to a survey conducted by the Korea Biotechnology Industry Organization, 231 out of 786 biotech companies, or 29.4 percent, were in the pre-sales phase as of 2018. Even [...]
Switzerland, May 7 (Korea Bizwire) - Helsinn, a Swiss pharmaceutical group focused on building quality cancer care products, today announces that it is one of the companies to have been nominated as one of the Swiss Biotech Association’s Biotech Success Stories for the period 2019/2020. Helsinn was nominated alongside Actelion and Debiopharm, as well as three [...]
SEOUL, Apr. 22 (Korea Bizwire) — South Korea’s government will invest nearly 3 trillion won (US$2.6 billion) this year into biotech-related research and development (R&D) and commercialization efforts as the country strives to promote innovative growth, sources said Monday. The earmarked spending marks a 2.9 percent on-year increase from 2018. The Ministry of Science and [...]
SEOUL, Jan. 11 (Korea Bizwire) — LG Chem Ltd., South Korea’s top chemicals company, said Thursday that it will concentrate its research on developing new drugs for metabolic diseases and immuno-oncology treatment. LG Chem also said it will speed up the development process for new drugs through its open innovation program, which is designed to [...]
SEOUL, Dec. 1 (Korea Bizwire) – The government is aiming to increase South Korea’s healthy life expectancy from 73 to 76 by 2022 with the aid of technological innovations spearheaded by the emergence of precision medicine and expedited R&D efforts in pharmaceuticals. 1 In a document released on November 30 detailing the various measures necessary to [...]
SEOUL, Feb. 2 (Korea Bizwire) – South Korea’s science ministry said Thursday that it will spend 315.7 billion won (US$273.7 million) this year to develop new bio technology, as part of efforts to become a global biotech and medical industry hub. The 2017 budget, a 31.4 percent jump from a year earlier, is aimed at [...]
SEOUL, July 20 (Korea Bizwire) – ‘Open innovation’ refers to a company’s innovative means to develop a new product or service by sharing and accepting new knowledge and ideas from other companies or start-ups that have developed groundbreaking technology. The practice is becoming increasingly common in the Korean pharmaceutical and biotechnology industries. In the past, innovations were [...]