South Korea plans to cultivate 200 promising pharmaceutical and bio companies by 2030, Prime Minister Han Seong-sook said at a national policy coordination meeting, according to MEDI:GATE NEWS. Under the plan, the government will focus on 50 firms each year beginning next year, YTN Science reported.
The Ministry of Health and Welfare and the Ministry of SMEs and Startups will jointly run the program, which carries a 60 billion won investment over three years, according to a report carried by Investing.com Korea. Support will be tailored to each stage of a company's development, covering candidate substances, clinical trials and commercialization, Asia Economy reported.
The announcement was presented as one of the main agenda items at the government's policy coordination meeting, according to the Korean Policy Briefing. The reports did not specify how individual companies will be selected or which agencies will administer the funding.
The initiative signals that Seoul intends to treat drug development and biotechnology as a strategic growth sector, directing public money toward early-stage firms that often struggle to fund clinical work. The 50-per-year target means the program's annual intake will be set well before the 2030 endpoint.
Watch for the two ministries to publish detailed selection criteria and the first cohort of supported companies.
