Korean Gov’t to Improve Regulations to Boost Korea atop Biotech Mfg Rankings by 2030

The Korean government has announced its intention to become the world’s No. 1 biopharmaceutical powerhouse by 2030 by attracting 15.7 trillion won in private investment and providing related support under the Bioeconomy 2.0 Initiative.

At the Bioeconomy 2.0 Roundtable held at the Seoul BioHub on July 19, Minister of Trade, Industry and Energy Lee Chang-yang said, “Biotech is a future growth driver called a second semiconductor and is a field that needs to be strategically fostered. We will discover and improve absurd regulations on biotech to strengthen the foundation for bioeconomy industry growth.”

The core goal of the Korean government in promoting the Bioeconomy 2.0 is to make Korea the world’s No. 1 biopharmaceutical powerhouse in 2030. “Korea has the world’s second-largest biotech capability through large-scale investment by the private sector,” Lee said, “We will strengthen support to help Korea become the world’s top biotech manufacturing power.” The key is to promote 15.7 trillion won in private investment that will be made by the private sector by 2030.

To this end, the Korean government will expand Korea’s strategic bio-related technologies, currently limited to vaccines, to biopharmaceuticals. “To promote private investment, we will significantly expand tax credits for facilities and R&D investments by designating them as strategic technologies,” Lee said. The government also plans to build a national-level foundry for bio-foundry technology through synthetic biology, which is considered an innovative technology that will enable rapid biopharmaceutical development.

The government also plans to raise the localization rate of bio raw materials from the current 5 percent to 10 percent in 2027 and 15 percent in 2030. To this end, it plans to promote the designation of a specialized complex for the bio sector (materials, parts, and equipment) this month, followed by the designation of a specialized complex for the biotech industry as an advanced national strategic industry in the second half of this year.