South Korea to spend $223 million in bio R&D projects this year

South Korea to spend $223 million in bio R&D projects this year [Source : Samsung Biologics]

The South Korean government will spend 274.6 billion won ($223 million) in research and development in the bio industry this year, the Ministry of Trade, Industry and Energy said Friday.

The budget will be injected into 252 new R&D projects in four fields of biopharmaceuticals, medical devices, healthcare and biomaterials in 2023, the ministry said.

Around 107.4 billion won will be extended to support biopharmaceutical R&D projects, with 94.8 billion won allocated for novel therapies, artificial blood, microbiome analysis and other technology development for bio manufacturing process.

The ministry will spend 12.6 billion won for the localization of raw materials necessary to produce the latest platform-based vaccines, including messenger ribonucleic acid (mRNA) vaccines, and the development of process technology for mass production.

Some 69.5 billion won will be spent to support the development of advanced medical devices, and 10.8 billion won is set aside for joint R&D projects between hospitals and companies.

The ministry will inject 30 billion won for the development of advanced biomaterials and 5.7 billion won for biomass bioplastic manufacturing process.