Release Date: 19-Aug-2013
The South Korean government has announced its plans to invest significant amounts for the development of the biosimilars industry so as to make the region occupy 22% in the global pie by 2020. The government also has plans to create a robust platform to provide infrastructure and financial assistance. With the Introduction of the “Biosimilar Regulatory Pathway” in 2009, the local industry received a major boost. Various ministries are involved in providing assistance and support.
The Ministry of Wealth (MIW) focusses its activities in promoting R&D, business, and research in biotechnology. The Ministry of Knowledge Economy (MKE) also concentrates its efforts on promoting the development and improvement of biotechnology processes in the country. The Ministry of Education, Science and Technology (MEST) involves itself in the strategic planning, HR development, and support for fundamental bioscience and technology so as to satisfy the demand for skilled personnel in the biotechnology field.
For more information visit: “South Korea Biosimilar Market Opportunity Analysis”