Updated on 22 July 2014
Korea aims order to grab more than 10 percent of the market share in the global stem cell industry by 2020
Singapore: The Korean government announced plans to boost the fast growing biotech sector of Korea at the 11th Presidential Advisory Council on Science and Technology held in Hawolgok-dong, Seoul on July 17.
This included immediate action towards fostering stem cell biotechnology, developing gene therapy and exporting biosimilar drugs.
The government aims to nourish 50 innovative companies with a global competitiveness in biotechnology.
As Korea has the world's third-largest production capability for biosimilar products and is second in the world in terms of clinics for stem cell research, the government sees a potential for Korea to become a global power in biotech industry by 2020. According to the Ministry global biotech industry will grow to 635 trillion won $615 billion by 2020.
This estimated growth in the biotech sector and appropriate support from the Korean government will enables Korea to preoccupy a huge global market and achieve a per capita income of $40,000. It will also help in building a "welfare" society ready for an aging era and reduce medical costs.