President Yoon Suk Yeol announced plans for South Korea to increase its biotechnology sector output fivefold to $149 billion by 2035, up from $43 trillion in 2020. This projection encompasses all biopharmaceutical products, medical equipment, supplements, biomass, and biotech-related services.
The current administration aims to foster growth in the life sciences sector, increasing the annual establishment of venture firms from the current 400 to over 1,000 by 2035. This goal will be pursued by enhancing investments in research and development from next year.
