The South Korean government has placed emphasis on the life sciences industry, including pharma and biotech, and is looking to create 35,000 more jobs within the sector, according to a report by the Investor.
Following the announcement of a long-term development strategy for the sector, announced earlier this month, the South Korea Ministry of Trade, Industry and Energy is looking to grow the market share to 4 percent by 2022, up from 1.8 percent.
As part of these plans the government is set to generate a database of 10 million people, featuring genetic and biometric data, which will be collected by six major hospitals during the course of the first half of this year.
The data will ultimately be used for the development of new drugs, however, in the long run the plans will extend to a collaboration with industries such as cosmetics.
Trade Dinister Paik Un-gyu told the Investor, “Our country retains a world-top level bio database, thanks to the vast digital medical system.
“Through further deregulations and a phased public fund programme, we will help local pharmaceutical and medical device companies expand into the global market.”