South Korea’s leading biologics companies will invest hundreds of billions of won to building additional plants that would push the total amount of private investments for the biohealth industry to 10 trillion won by 2023.
Samsung Biologics will pour 1.7 trillion won into its new Plant 4 while Celltrion will invest 500 billion won to its Global Life Science Research Lab and Plant 3, all in Songdo, Incheon.
As its action plan for a more robust bio-industry ecosystem, the Government also pledged a 1.7 trillion won budget in 2021, up 30 percent from last year’s. The budget will prioritize pharmaceuticals, medical devices, and digital health care.
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