Korea to offer tax benefits to biopharma industry, open public health data
President Yoon Suk Yeol speaks during an export strategy meeting held in Gangseo District, Seoul, Thursday. YonhapBy Lee Hyo-jin The government will offer tax incentives for the biopharma sector and increase access to public health data, as a part of its efforts to nurture a biohealth cluster modeled after the “Boston Cluster” in the U.S., according to the presidential office, Thursday.During an export strategy meeting held in Magok, Gangseo District of Seoul, Thursday, President Yoon Suk Yeol unveiled a plan to foster innovative firms in high-end industries, including the establishment of a biohealth cluster that will bring together local bio-pharmaceutical firms, universities, think tanks and hospitals. A cluster refers to an industrial complex in which companies, research institutes and think tanks related to a specific industry are gathered in one place to generate synergy. Korea has some 1,800 clusters of 70 different kinds that are currently in operation or being developed.However, many of the existing clusters have struggled to grow internationally due to a lack of
Jun 1, 2023By Lee Hyo-jin