Korea’s biotech companies increased 2011 R&D spending by 13%

Korea’s biotech companies have increased their research and development spending by 13 percent in 2011. According to a survey conducted jointly by the Ministry of Knowledge Economy and the Korea Biotechnology Industry Organization on 100 biotech ventures in Korea, the companies have made a combined investment of 643.7 billion won last year, up 12.6 percent from the previous year.
In particular, the investment in the biosimilar and medical equipment areas has jumped 26.5 percent. The total output and employment within the industry have been 5,572.6 billion won (6.6%) and 17,352 (8.0%). 
The ministry and the industry association will make a larger-scale survey on 987 biotech companies and publish the results before the end of this year. In the meantime, the ministry will nurture the fledgling industry by providing crtical information on technology and market opportunities.