President Moon: "47,000 Bio Talent to be Trained by 2025"

Visit to Incheon Songdo Bio Cluster... 41 Private Bio Companies to Invest 10 Trillion KRW Over 3 Years

President Moon Jae-in is speaking at a bio-industry event held on the morning of the 18th at the Songdo Campus in Yeonsu-gu, Incheon.
[Image source=Yonhap News]

[Asia Economy Reporter Son Sunhee] President Moon Jae-in stated on the 18th, "South Korea will leap forward not only as a production base for biopharmaceuticals but also as a powerhouse in the bioindustry," adding, "By 2025, we will nurture over 47,000 talents in the bioindustry together with the private sector."

President Moon attended the bio-strategy announcement event held at Yonsei University International Campus in Songdo International City, Yeonsu-gu, Incheon, and said, "To enable young people to find creative ideas and conduct research freely, the government plans to expand the bio research and development (R&D) budget from 1.3 trillion won this year to 1.7 trillion won next year."

He emphasized, "In particular, we will actively support the development of blockbuster new drugs generating annual sales of over 1 trillion won," and added, "We will increase financial support by utilizing mega funds and accelerate the establishment of health and medical big data projects."

President Moon said, "The reason we must focus on the bioindustry is clear. It is a future industry we can excel in," and continued, "Until just a few years ago, the bioindustry was a field difficult for us to approach, and when the Korea-US Free Trade Agreement (FTA) was signed, the pharmaceutical industry was expected to be the most affected sector. However, now South Korea is writing a new history in the bioindustry." South Korea's biopharmaceutical production capacity ranks second in the world.

Regarding the COVID-19 situation, President Moon stated, "Progress has been made in vaccine and treatment development, and antibody treatments and plasma therapies could be introduced to the market as early as the end of this year."

At the event, 36 major companies from the three biohealth sectors (pharmaceuticals, medical devices, and digital healthcare), including Samsung Biologics and Celltrion, along with five venture capital firms, announced plans to invest a total of 10 trillion won by 2023.

Samsung Biologics and Celltrion, the two pillars of the Songdo Bio Cluster, announced plans to build large-scale production facilities and research centers. Samsung Biologics plans to invest a total of 1.74 trillion won in biopharmaceutical production facilities. Once fully operational from 2023, it will not only possess world-class production capabilities but is also expected to create about 1,800 new jobs. Celltrion plans to invest 500 billion won in building a large-scale research center and production plant. President Moon expressed gratitude, saying, "I thank the citizens of Incheon along with these two companies for their generous investments."

Minister of Trade, Industry and Energy Sung Yun-mo emphasized the government's role in supporting such private investments by advancing the innovation foundation of the bioindustry and strengthening support for core technologies. The Incheon city government announced a promotion strategy to develop a bio cluster specialized for Incheon, aiming to create approximately 170,000 jobs related to the bioindustry by 2030.

Samsung Biologics and Celltrion also held groundbreaking ceremonies for their new factories. After watching the production line groundbreaking ceremony held online, President Moon said, "I appreciate these two companies for their significant contributions to our bioindustry through large-scale investments and new employment," and added, "I look forward to their growth as global leading companies."

This content was produced with the assistance of AI translation services.