Korea to invest US$ 534 million in genomics research

The Korean government plans to invest 579 billion won ($534 million) in genomics research over the next eight years to create and support related industries in the field. Five ministries will be participating in the project ― the Ministry of Education, Science and Technology; Ministry of Health and Welfare; Ministry of Knowledge Economy; Ministry of Land, Transport and Maritime Affairs; and Ministry for Agriculture, Forestry and Fisheries.

The plan comes as Korea has been lagging behind other advanced economies in the study of genomics, a division of genetics research, while the technological gap between Korea and the U.S., the world’s biggest biotech country, is widening, government officials said. Korea has 57 percent as many patents as the U.S., and its spending on genome project development is a mere 0.9 percent of the total budget for biotechnology.

For full article, see Korea Herald.