Science ministry to invest 542 bln won in biotech development this year

SEOUL, The science ministry said Monday it will invest 542.1 billion won (US$410.4 million) in the development of original biotechnology this year. The budget marked a 3 percent decrease from the previous year's allocation of 559.4 billion won, according to the Ministry of Science and ICT. In detail, the ministry plans to inject 151.8 billion won in research and development projects focusing on new medicines, medical equipment, regenerative medicine and related areas. Around 361.2 billion won will be funneled into the development of core biology strategic technologies, including synthetic biology and advanced neuroscience, and the establishment of a digital research ecosystem. Some 29.1 billion won was set aside to create a research network with foreign partners, the ministry said. Source: Yonhap News Agency