President Yoon Suk Yeol has set a target to elevate South Korea’s bio-industry production to 200 trillion won ($149 billion) by 2035, increasing from the current 43 trillion won recorded in 2020. The announcement came during a government-public debate held in Cheongju, North Chungcheong Province, where Yoon addressed the nation’s aspiration for growth in the biotechnology sector.
Under the administration’s plan, the focus will be on nurturing the biopharmaceutical industry and expanding support for the digital bio sector to meet the challenges posed by the AI boom. North Chungcheong Province is expected to be crucial in driving this initiative forward.
President Yoon Suk Yeol emphasized the urgency of seizing the vast opportunities presented by the advanced bio-industry and stressed the need to accelerate efforts towards its development. In addition to boosting the R&D budget, Yoon pledged to implement various deregulations within the bio sector to facilitate the industry’s expansion.
Furthermore, the administration aims to develop an environment conducive to establishing over a thousand life science venture firms annually by 2035, compared to the current 400 startups per year.
Yoon outlined this vision during the 24th policy debate held in Cheongju, North Chungcheong Province, highlighting the significance of increased investment in research and development of life science technology starting next year. He emphasized the transformative potential of merging AI and digital technology with traditional biotechnology, positioning the advanced bio-industry as the next growth engine akin to the semiconductor industry’s success in South Korea.
Yoon Suk Yeol expressed his determination to support his goal, where the government plans to establish a new campus of the Korea Advanced Institute of Science and Technology (KAIST) in Osong, North Chungcheong Province. Additionally, efforts will be made to attract more biotechnology companies and legal and financial services to the region. Yoon anticipates that these initiatives will contribute to the growth of the bio cluster, generating a potential revenue of 2.1 trillion won and creating 29,000 new job opportunities.
The global biopharmaceutical industry is on track to expand significantly by 2035, with projections indicating growth from $2 trillion in 2021 to $4 trillion.
