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Korean Government to Develop 50 Innovative Biotech Companies by 2020
“Blue Chip” Industry
Korean Government to Develop 50 Innovative Biotech Companies by 2020
  • By matthew
  • July 18, 2014, 06:14
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The Korean government will expedite the industrialization of stem cell biotechnology, develop gene therapy, and create a new converged market for information communication technology (ICT), to become a global biotech power by 2020. The government will also nourish 50 innovative companies with a global competitiveness in biotechnology.

The main focus will be the development of six key technologies including solar cells, fuel cells, and bio-energy, to preoccupy the global climate-related market created by energy savings and low emissions. Furthermore, a “zero energy building” project utilizing new and renewable energy will be executed to consume less energy.

The Ministry of Science, ICT and Future Planning and Ministry of Trade, Industry and Energy gave a briefing to President Park Geun-hye on improvement strategies for biotechnology and climate change at “The New Technology and Business Creating Strategy Report for Biotechnology and Climate Change” and “The 11th Presidential Advisory Council on Science and Technology” held in Hawolgok-dong, Seoul on July 17.

According to each Ministry, global biotech industry will grow to 635 trillion won (US$615 billion) by 2020, becoming a “blue chip” that enables Korea to preoccupy a huge global market, achieve per capita income of US$40,000, and realize a “welfare” society ready for an aging era and high medical costs. As Korea has the best production capability and technology in new biosimilar and biobetter pharmaceutical markets, the government will provide necessary support to develop professionals and encourage small venture companies to expand overseas in order to have more than 10 percent of the market share in the global stem cell industry by 2020.

Through systematic support by growth level, the government plans to increase innovative and globally competitive companies in biotechnology to 50 by 2020, from the current 13.

The Ministry of Science, ICT and Future Planning will play a very active role in developing six key technologies including solar cells, fuel cells, bio-energy, secondary batteries, new and renewable hybrids, and carbon capturing and processing technology in cooperation with industry, schools and research institutions. This will make sure that Korea develops the essential counter-technologies to climate change, reduces emissions, and ultimately preoccupies the global market.

The Ministry of Trade, Industry and Energy will come up with new business creation strategies to invite investment and create jobs, by utilizing entrepreneurship. The Ministry of Land, Infrastructure and Transport will enable construction of “zero energy buildings” which have high heat insulation property and low energy consumption due to new and renewable energy usage, with the similar costs to normal buildings so that those zero energy building have better business value.