Updated on 12 September 2016
The South Korean health Ministry recently rolled out a list of measures to fuel the country's already burgeoning biotech sector. The comprehensive plan that aimed to make Korea a global biotech giant was announced by the Ministry of Health and Welfare, finalized in a meeting presided over by Prime Minister Hwang Kyo-ahn.
As per the plan, South Korea aims to become a global biotech and medical industry hub by investing more in research and development (R&D) on medicine, medical devices and cosmetics.
To further provide an impetus to the clinical trials industry, First, the government has rolled out plans that will offer higher tax benefits and incentives for clinical trials of indigenous drugs and investment on R&D facilities, officials said As per the government forecast 940,000 new jobs will be created by 2020 in the industry that is widely viewed as the nation's next growth engine after IT.
"The government plans to support various measures so that our products in medical, medical instruments and cosmetics sectors would lead the global market where there is fierce competition," said a health ministry official.