Jumping to become one of the world's top five bio venture powerhouses..."30 trillion won in exports"

The government has decided to export more than 30 trillion won of bio venture technology by 2027 to make Korea one of the world's top five bio venture powerhouses.

The Ministry of SMEs and Startups discussed the "Plan to Create a Pharmaceutical Bio Venture Innovation Ecosystem" at a meeting of related ministers to strengthen industrial competitiveness.

First of all, the Ministry of SMEs and Startups plans to expand technology exports by commercializing promising source technologies and attracting investment.

To this end, we have prepared four strategies: promoting the commercialization of original technology, creating an investment environment for bio ventures, revitalizing open innovation, and establishing a foundation for bio venture innovation.

In particular, in order to create an investment environment, it plans to create a new venture fund that invests 1 billion to 2 billion won per case in initial investments that verify the effectiveness and virtue of leading and candidate materials.

In addition, it plans to raise 600 billion won by forming K-bio and vaccine funds 3 to 5 within this year to develop new drugs.