More Govt Support For Pharma As Korea Plans New Fund
This article was originally published in PharmAsia News
Following the successful launch of pharma development funds in the past few years, South Korea's health ministry is planning to create a new fund this year to further support domestic pharma firms' efforts to enter overseas markets and spur private sector investment in the broader healthcare industry.
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South Korea is broadening its state support for the biotech industry, which it sees as a new growth engine, this time by focusing on early stage biotech start-ups, amid industry views that such support and investment in the country has so far been lacking.
South Korea's plan to create a policy fund to support new growth engine industries seems to reaffirm the government's unwavering commitment to nurture the biotech and health care sectors despite the ongoing political chaos in the country.
INTERVEST manages one of South Korea’s policy funds supporting the biopharma and healthcare industries. Executive managing director Junghee Lim sat down with Scrip to talk about challenges faced by venture capitals managing these funds, and why they may be a government program that Korea eventually abandons.