South Korean government pledged 500 billion won ($439 million) for the next 10 years to sponsor development of 100 new drug candidates and creation of multibillion-dollar funds to promote drug discoveries.
It set the target of pushing up Korea’s share in the global bioengineering market to 5 percent with output value of 152 trillion won by 2025 from current 1.7 percent with value of 27 trillion won.
The new set of the so-called Bio-Economy Initiative with the target year of 2026 was approved by the Ministry of Science and ICT. Under the bioengineering promotion act, the government revisits the initiative every five years.
Under a new target, the government aims to promote development of 100 novel drug candidates by 2026. Korea has developed 85 so far. It will focus assistance to breed at least five blockbuster new drugs that can sell more than $1 billion around the world.
The government will invest 500 billion won over the next decade to support research and development in open network encompassing the pharmaceutical industry, academic community, labs, and hospitals.
It will subsidize R&D costs in clinical stages and jointly create funds to finance overseas clinical tests and marketing.
By Kim Yoon-jin
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