PM says to foster 200 'frontier' bio, pharmaceutical firms by 2030

Prime Minister Han Seong-sook announced Thursday that South Korea intends to identify and nurture 200 bio and pharmaceutical firms by 2030, enabling them to compete globally. Addressing a national policy coordination meeting in Cheonan, she emphasized the importance of supporting innovative companies equipped with cutting-edge technologies and ideas.

According to the prime minister, 50 frontier companies will be selected annually, receiving assistance at various stages, from developing potential substances to conducting clinical trials and commercializing products. The government plans to assign dedicated directors to each chosen firm for personalized support lasting up to five years.

Additionally, the government will allocate 150 billion won ($112 million) in policy financing over three years. This includes 60 billion won ($44 million) in investments through banks specializing in research and development, as well as 90 billion won ($66 million) in guarantees from the Korea Technology Finance Corporation.