South Korea Boosts Biotech Research with 18.9% Year-on-Year Investment Increase

Strategic Insights -

South Korea is pumping 800 billion won (approximately $846 million) into advancing biotech research and development this year, an 18.9% year-on-year increase, with the goal of becoming one of the world's top three leading countries in stem cell research by 2015. The investment will focus on improving related infrastructure and supporting more projects, with a significant portion dedicated to supporting stem-cell research and establishing a comprehensive database in this area. This move comes after a recent scandal involving cloning expert Hwang Woo-suk, who is accused of manipulating data to make false claims regarding his breakthroughs in stem cell research. However, Seoul has put on hold further R&D work in embryonic stem cell research using human ova until legal and ethical guidelines are established.

Key Takeaways:

  • South Korea plans to inject 800 billion won (approximately $846 million) into biotech research and development this year, marking an 18.9% year-on-year increase.
  • The investment will be divided into two parts: 648 billion won for R&D projects and the rest to boost basic infrastructure.
  • 430 billion won will be allocated to support stem-cell research and establish a comprehensive database in this area.
  • The government aims to become one of the world's top three leading countries in stem cell research by 2015, currently ranking sixth or seventh.
  • Seoul plans to acquire original knowledge and patents in the merging of bio and information technologies, allocating 25.3 billion won for this purpose.
  • Further R&D work in embryonic stem cell research using human ova has been put on hold until legal and ethical guidelines are established.
  • The country hopes to control at least 10% of the stem-cell market by 2015, despite the recent scandal.

Statistics:

  • 18.9% year-on-year increase in investment in biotech research and development (Source: Science ministry)
  • 800 billion won (approximately $846 million) total investment in biotech research and development (Source: Science ministry)
  • 648 billion won allocated for R&D projects (Source: Science ministry)
  • 430 billion won allocated to support stem-cell research and establish a comprehensive database (Source: Science ministry)
  • 25.3 billion won allocated to acquire original knowledge and patents in bio and information technologies (Source: Science ministry)

Sources:

  • Asia Pulse: Seoul to inject 800 billion won to boost biotech research (May 29)
  • Yonhap: Seoul to focus on bio and information technologies, put embryonic stem cell research on hold (May 29)