South Korea targets $149 billion biotech boom by 2035

South Korea aims to boost its biotech sector to a $149 billion output by 2035, marking a significant increase from $43 billion in 2020

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President Yoon Suk Yeol announced plans for South Korea to increase its biotechnology sector output fivefold to $149 billion by 2035, up from $43 trillion in 2020. This projection encompasses all biopharmaceutical products, medical equipment, supplements, biomass, and biotech-related services.

The current administration aims to foster growth in the life sciences sector, increasing the annual establishment of venture firms from the current 400 to over 1,000 by 2035. This goal will be pursued by enhancing investments in research and development from next year. Yoon stated that “The cutting-edge biotechnology industry will become the next growth engine, mirroring the success of the semiconductor industry here.”

North Chungcheong Province, a significant life science hub, hosts various government agencies and generates substantial industry revenue. The government plans to bolster this by supporting a new science and technology campus and attracting more firms related to this emerging technology. Efforts in this direction are projected to bring a potential revenue of 2.1 trillion won and 29,000 new jobs.