President Moon Jae-in says he's rolling up his sleeves to make the country's bio-health industry a global leader.
Visiting Osong, Chungcheongbuk-do Province-- also known as the nation's heart of biotechnology research, President Moon announced his vision for cultivating the industry to account for six-percent of the global market share and exports to hit 50-billion U.S. dollars by 2030.
"Now is the optimal opportunity to pull ahead in the global market. Soon, blockbuster-grade domestic new medicine will emerge. The era in which pharmaceutical and biotechnology leads our economy is just around the corner.
Calling it a young-industry, the president pressed the importance of R&D in the sector-- saying that it will sway the success of the industry in the global market.
He promised full-governmental backing in churning out talent and technical skills.
"The government will expand its R&D investment to 3.3 billion U.S. dollars annually through 2025, and over 1.6 billion dollars in the bio-health sector in the next five years through a scale-up fund."
The scale-up fund, is aimed at raising the government's annual venture investment by 10-billion dollars by 2022.
Moon added that the government will back the fostering of an innovative ecosystem by allowing SMEs and venture firms to develop their own technical skills and produce and release into the market.
Most recently, Korea's push for upping its medical exports to the EU received backing, by making it onto the pharmaceutical whitelist. The country is now being recognized as having medicine-related production and supervision standards on par with those of European member nations.
The president's push for the industry is in line with his tour of regions-- the ninth of such kind aimed at enhancing economic vitality on the local level. The sector is also being hailed as one of three major pillars of new growth engines, the other two being non-memory chips and future cars.
Shin Se-min, Arirang News.