RoK to spend 328 mln USD to develop bio tech in 2018
The government of the Republic of Korea said on January 2 that it will spend 349 billion won (328 million USD) this year to develop new bio technology, as part of efforts to become a global biotech and medical industry hub.
RoK to spend 328 mln USD to develop bio tech in 2018 (Illustrative image. Source VNA)
Seoul (VNA) – The government of the Republic of Korea said onJanuary 2 that it will spend 349 billion won (328 million USD) this year todevelop new bio technology, as part of efforts to become a global biotech andmedical industry hub.
The 2018 budget, a 10.5-percent increase from a year earlier, is aimed atdeveloping key biotech sectors, such as genomes and brain science, the RoK news Agency Yonhap quoted the Ministryof Science and ICT as saying.
Of the total, 59.4 billion won will be allocated to help develop new pills as thecountry is determined to become a global power in the pharmaceutical and healthcare fields.
In recent years, local bio companies have become more competitive on the globalstage on the back of robust R&D spending and policy support from thegovernment, the ministry said. However, the RoK still lags behind leaders inthe development of new drugs, especially so-called blockbuster pills.
In addition, 25.3 billion won is earmarked for the development of medicalinstruments and 38 billion won to carry out research into brain science, according to Yonhap.
The ministry said it also aims to spend the budget to provide an environmentwhere young researchers can freely focus on R&D in medicine and medicaldevices.-VNA
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RoK to spend 328 mln USD to develop bio tech in 2018 (Illustrative image. Source VNA) 
