South Korean Government to Invest 10 Trillion Won for New Drug Development by 2017 !
Monday, July 22nd, 2013
Korea IT Times
SEOUL, KOREA- The government will double its budget to support pharmaceutical industry innovation as part of an effort to increase the number of newly developed drugs to 20.To that end, it will disburse a total of 10 trillion won for the next five years through both private and public sources.
The Ministry of Health and Welfare announced on July 21 a comprehensive five-year plan to nurture the pharmaceutical industry. The core part of the plan is to help the industry become one of the future growth engines by making it a globally competitive.
The Health Ministry, jointly with other government agencies such as the Ministry of Science, ICT and Future Planning and the Ministry of Trade, Industry, and Energy, will focus its investment on promising R&D projects including biosimilars and stem-cell therapies. The biotech industrial zones such as those in Osong (North Chungcheong Province) and Daegu will be used as bases for the initiative.
According to the Korean Research-based Pharmaceutical Industry Association, Korea's drug market size in 2012 was US$11.2 billion, down about $1 billion from $12.2 billion in 2011. The nation's ranking is the world has accordingly moved down to 14th from 13th in the previous year.