Korea to Invest KRW 266 Billion in Biotech and Digital Health R&D This Year

First Round of Biotech R&D Funding Opens, Applications Accepted Through March 4
KRW 48.6 Billion in New Funding Allocated to High-Risk, High-Impact Innovation Projects
Government Aims to Foster Biotechnology as a Core Future Growth Industry

Joo Young-chang, head of the Science, Technology and Innovation Office at the Ministry of Science and ICT, delivers opening remarks at the 2024 Joint Government R&D Program Briefing held at the Government Sejong Convention Center in Sejong on the morning of the 23rd.
Photo courtesy of the Ministry of Science and ICT

[Metro Newspaper] — The Korean government will provide KRW 266 billion in funding for biotechnology R&D this year, including new funding for high-risk, high-impact research projects.

The Ministry of Trade, Industry and Energy (MOTIE) announced on the 24th that it had finalized its biotechnology R&D support plan for the year and launched the first round of project calls.

In the biopharmaceutical sector, the government will support the development of advanced biopharmaceuticals, including innovative new drugs, artificial blood, and microbiome-based products, as well as manufacturing process technologies designed to strengthen Korea’s biomanufacturing capabilities.

In the medical device sector, support will focus on full-cycle technology development for market-oriented medical devices and the development of convergent bioproducts that improve usability and convenience.

In the digital health sector, funding will support the development of digital therapeutics using technologies such as artificial intelligence (AI) and big data, as well as the development and demonstration of healthcare services.

In the biomaterials sector, the government plans to support the development of active pharmaceutical ingredient materials and new biomaterials through the discovery of biocompatible, bioactive substances.

Of the total funding, KRW 46.8 billion will be newly allocated to high-risk, innovative projects. Calls for proposals will be announced in stages throughout the year to respond quickly to emerging technology development needs.

A briefing session on the specific areas of support, program objectives, and application procedures for the first round of funding will be held at The-K Hotel Seoul on the 29th.

Applications for the first round will be accepted by the Korea Evaluation Institute of Industrial Technology (KEIT) from the 25th through March 4, with project evaluations expected to be completed in April.

MOTIE said, “We will continue to strengthen policy support in areas such as the localization of raw materials and components for biopharmaceuticals, development of innovative biomanufacturing technologies, convergent bioproducts, digital health services, and bio-big-data infrastructure, so that the biotechnology industry can grow into one of Korea’s new core industries.”

Metro Newspaper, Sejong — Reporter Han Yong-soo