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BIO PLUS forum: South Korea aims to strengthen its global competitiveness in bio industry Updated: 2019-11-13 07:06:20 KST

At BIO PLUS, more than 60 bio companies from Korea and around the world have set up booths to promote their programs.
One of those is a company from Germany working on treatments for cancer.

"(I'm here) to talk a little bit and to introduce my work to the Korean audience but of course to look for any potential interesting new collaborations. It seems very impressive the list of speakers and the overall breadth of topics is very interesting."

A Korean venture company, Immunis Bio, which also develops cancer treatments, explained its development the so-called NK immune cell.
The NK cell protects normal cells and selectively attacks and kills cells that are cancerous or aged.
Another venture firm, called K-bio celf, has developed a 3D printer that produces artificial skin to eliminate the need for animal testing.

"As the South Korean government considers the bio field a fast emerging industry with fantastic potential, officials are on a mission to tap deeper into the lucrative industry."

"The bio industry is growing faster than any other. The global market size stands at roughly 1.3 trillion U.S. dollars and is expected to grow at a rate of 5.4 percent over the next five years. This will be an opportunity for South Korea to utilize its IT infrastructure and medical data to strengthen its global competitiveness."

The researchers at the event stressed the need for more specialists, an easing of regulations and financial assistance because their work costs a great deal of money.

"The regulations of South Korea's Food and Drug Administration are very tight compared to those of other countries. It would be great for the government to ease its controls so that more bio companies can have opportunities to develop and register their products."

The government plans to nurture the bio industry by creating innovative networks, exempting it from some regulations and supporting local companies in their global expansion.
Eum Ji-young Arirang news.
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