National Institute for Korean Medicine Development to Support New Product and Technology Development ... Total Budget of 1.6 Billion Won, Up to 100 Million Won per Company

Poster for the Traditional Korean Medicine Industry Advancement Support Project.

[The Asia Business Daily Yeongnam News Bureau, Reporter Yeo Jonggu] The National Institute for Korean Medicine Development is recruiting companies to participate in the Traditional Korean Medicine Industry Advancement Support Project until April 13, targeting companies and hospitals facing difficulties in developing and commercializing new products and technologies.

This project will be carried out with a total budget of 1.6 billion won. Selected companies will receive support of up to 100 million won (excluding private contributions) for technology and other requirements necessary for product approval.

The support covers three areas: herbal formulations, Korean medical devices, and convergence of Korean medicine with other fields.

Additionally, companies located in Daegu and North Gyeongsang Province are eligible for local government funding and can receive additional support in new material fields utilizing herbal medicines, such as cosmetics and food.

Participating companies may collaborate with universities, research institutes, and medical institutions, and those applying for projects based on regional core industries will be given preference.

Companies will be selected through a comprehensive evaluation based on the following criteria: ▲feasibility of technical support, ▲commercialization potential of the product, ▲growth prospects, and ▲suitability of the applicant company. The application period runs from March 18 to April 13.

An online briefing session on the project will be held at the end of March, and further details can be found on the National Institute for Korean Medicine Development website.

Jung Changhyun, President of the National Institute for Korean Medicine Development, stated, “We will spare no effort in supporting the commercialization of new products and technologies in the field of Korean medicine by utilizing the research achievements, infrastructure, and outstanding research personnel we have accumulated over the years.”

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