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300-9 Yomgok-dong, Seocho-gu, Seoul, Korea
tel. +82-2-3460-7520 fax. +82-2-3460-7920 e-mail. [email protected]
www.investkorea.org Pharmaceutical/BT2008
PromisingInvestmentOpportunities
Overview of Korea’s Industries
The pharmaceutical and biotechnology industry showed an annual growth rate of 10.1% and 18.7%,
respectively, from 2001 to 2006. Among others, bio-food, bio-medicine, and bio-environment posted
high growth rates of 62.4%, 31.0%, and 18.5%, respectively, from 2002 to 2006.
02 Korea’s Pharmaceutical/Biotechnology Industry
02 Industry Overview
09 Industry Characteristics
15 Recent Trends
16 FDI Incentives
21 Promising Investment Regions
27 Relevant Organizations
◆ Biotechnology Industry (2006)
Item Unit Bio
No. of Companies 794
No. of Employees 17,316
- Production 8,601
- Research 8,715
Market Size1) KRW100 million 27,447
(average growth rate during 2001-2006) (%) (18.7)
Global Market Share % 2.2
Production Amount KRW100 million 31,595
(average growth rate during 2001-2006) (%) (17.6)
Corporate R&D Expenses2) KRW100 million 5,405
Corporate Facilities Investment Expenses2) 〃 3,135
Government-led Investment in Biotechnology KRW100 million 6,615
- R&D % 80
- Infrastructure 〃 20
Average Capital KRW100 million 120
Capital Ratio % 55.6
Export KRW100 million 13,502
Import 〃 9,354
Balance 〃 4,148
Source: Ministry of Education, Science and Technology (MEST), 「The Korean Biotechnology Industry」(Jul. 2006); MEST, 「2007
Implementation Plan for Growth in Biotechnology」(Mar. 2007); Ministry of Knowledge Economy (MKE)·Korean Agency for
Technology and Standards (KATS)·Korea Institute for Industrial Economics & Trade (KIET)·Bioindustry Association of
Korea (BAK), 「2006 Statistics on Korea’s Biotechnology Industry」(Dec. 2007); KHIDI, 「KHIDI Report on the Health Industry」,
Vol. 2 (Dec. 2007)
Notes: 1) Domestic sales + imports
2) Total investment of companies surveyed (794)
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Korea’s Pharmaceutical/Biotechnology Industry
Source: Korea Health Industry Development Institute (KHIDI), 「2006 White Paper on Health Industry」(Oct. 2007); KHIDI, 「2007
Analysis Report on the Pharmaceutical Industry」(Dec. 2007); 「KHIDI Report on the Health Industry」, Vol. 2 (Dec. 2007);
Korea National Statistical Office (KNSO), 「Statistical Survey Report on the Mining Industry」(Dec. 2007); 「IMS Health Market
Prognosis」(Mar. 2007)
Notes: 1) Includes finished goods and raw materials, excluding quasi-drugs
2) Domestic production + import - export
3) Total amount of corporate investment in R&D as of 2005
4) (VAT/Sales) x 100
5) Based on 123 companies (market listed: 35, KOSDAQ-registered: 20, others: 68) with sales of at least KRW5 billion, whose
financial results are disclosed, among a total of 243 manufacturers
◆ Pharmaceutical Industry (2006)
Item Unit Medicine1)
No. of CompaniesPermit Holders: 781
Manufacturers: 570
No. of Employees 70,681
- Production 21,633
- Research 6,372
Production Amount KRW100 million 114,728
(average rate of increase during 2001-2006) (%) (8.3)
Market Size2)
〃138,820
(average rate of increase during 2001-2006) (10.1)
Global Market Share % 2.3
Corporate R&D Expenses3) KRW100 million 3,445
(R&D/sales) (%) (4.06)
Government Grants for R&D 〃 1,128
Facilities Investment Amount 〃 4,455
Value-Added Rate4) % 34.2
Operating Profit Rate5) 〃 12.0
Labor Productivity KRW100 million/No. of production workers 6.6
Export KRW100 million 8,626
Import 〃 32,717
Balance 〃 -24,091
1. Industry Overview
1) KHIDI, 「White Paper on Health Industry」, Chapter 3 Ⅱ. Pharmaceutical Industry (Oct. 2007)
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In the Korean pharmaceutical market, the top 30 products account for 81.5%(2006) in market share, resulting in an oligopoly.1)
Korea ranks high among OECD member countries in the increasing rate of ex-penditure on drugs, while staking its claim as a global leader as it increases tospend on healthcare.
◆ Annual Growth in Drugs and Healthcare Expenditures in OECD Countries (1995-2005)
Source: OECD, 「OECD Health Data」(2007)
Source: MKE·KATS·KIET·BAK, 「2006 Statistics on Korean Bio-Industry」(Dec. 2007)
Year No. of Companies Employees Domestic Sales Export Import Balance
2004 627 12,138 12,854 11,345 6,730 4,615
2005 708 13,867 15,403 12,311 7,912 4,399
2006 794 17,316 18,093 13,502 9,354 4,148
CAGR (%) 12.5 19.4 18.6 9.1 17.9 -5.2
◆ Biotechnology Industry(Unit: KRW100 million)
Annual Trends
Source: KHIDI, 「2006 White Paper on Health Industry」(Oct. 2007); KHIDI, 「2007 Analysis Report on the Pharmaceutical Industry」(Dec. 2007); 「KHIDI Report on the
Health Industry」, Vol. 2 (Dec. 2007); 「KHIDI Report on the Health Industry」, Vol. 2, (Dec. 2007)
Notes: 1) No. of companies with permit. The number in ( ) refers to the number of companies with production results.
Year No. of Companies1) Employees Market Size Production Export Import Balance
2004 714 (553) 59,802 112,728 96,374 8,113 24,467 -16,354
2005 759 (546) 65,003 124,312 105,985 8,136 26,462 -18,327
2006 781 (570) 70,681 138,820 114,782 8,626 32,717 -24,091
CAGR (%) 4.6 (1.5) 8.7 11.0 9.1 3.1 15.6 21.4
◆ Pharmaceutical Industry (Unit: KRW100 million)
◆ Export and Import of Drugs (2006)
Source: Korea Food & Drug Administration (KFDA), 「2007 Annual Report on Food and Drug」(Nov. 2007)
(Unit: US$1000)
2) MKE·KATS·KIET·BAK, 「2006 Statistics on Korean Bio Industry」(Dec. 2004 and Dec. 2007)
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Source : Each company financial report (2008); Daily Pharm News (Apr. 7, 2008)
Notes: Year-on-year basis
Company 2005 2006 2007 Growth Rate1)
Pfizer Korea - 296 387 30.7%
Sanofi-Aventis Korea 179 296 373 26.0%
GSK Korea 303 358 356 -0.6%
Novartis Korea - 233 274 17.6%
Handok Pharm. Co. (* Hochst) 221 241 263 9.1%
MSD Korea (* Merck & Co.) 80 208 244 17.3%
AstraZeneca Korea - 173 191 10.4%
Janssen Korea 189 171 190 11.1%
Bayer Korea - 195 182 -6.7%
Roche Korea - 140 151 7.9%
Schering Korea 69 113 122 8.0%
Boehringer Ingelheim Korea 60 87 102 17.2%
Berna Biotech Korea Corp. 40 49 96 95.9%
Korea Otsuka Pharm. Co. 83 81 91 12.3%
Hanwha Pharm. Co. 41 37 40 8.1%
Fresenius Kabi Korea 24 34 39 14.7%
RP Korea 63 24 30 25.0%
Welfide Korea Co. 17 16 18 12.5%
◆ Major Foreign Drug Companies -Sales in Korea (Unit: KRW million)
Source: Invest KOREA <www.investkorea.org>
Company Investor Organization Invested Amount Business Contents
Celltrion Vaxgene (U.S.) 30·Bio-medicine company (CMO)
·Manufacture of arthritis treatment, colon cancer antibodies, etc.
Eugene ScienceMeiji Seika Kaisha Ltd. (Japan),
9Manufacture and export raw materials of “CholZero,” cholesterol-
H&Q (U.S.) lowering beverage
Anterogen Dinippon Sumitomo Pharma (Japan) 1Heart function recovery using cells excerpted from patients’ bone
marrow
DNA Link Orchid (U.S.) 1 Research on Single Nucleotide Polymorphism (SNP)
Viromed Takara Bio Inc. (Japan) 6 Clinical trials for cancers or hereditary diseases
Bernabiotech Korea Bernabiotech (Switzerland) 10 Manufacturing and development of conjugate vaccines
◆ Investment Trends in the Pharmaceutical and Bio Industry (Unit: US$ million)
¨
Source: ”Business Report” from ‘http://dart.fss.or.kr/html’
Company Sales/Net Profit Date of IPO
Estech Pharma 19.9/2 ’04. 2
SD 29.1/9.2 ’03. 1
Sewoncellontech 198.3/14.2 ’97. 6
Komipharm International 13/-1.1 ’01. 10
Dae Han NewPharm 57.9/0.7 ’02. 2
Polyplus 22.3/-7.3 ’02. 12
SanSung P&C 28.3/-3.1 ’03. 1
Medipost 14.9/2.3 ’05. 7
Bioneer 13.5/-6.8 ’05. 12
Bioland 33.3/6.2 ’01. 5
◆ Korean Biotechnology Companies (Unit: US$ million)
Source: Medi Pharms Today <http://www.pharmstoday.com/news/50092>; company websites
Ranking Company Sales R&D Website
1 Donga Pharmaceutical 684 43 www.donga.co.kr
2 Hanmi Pham 539 59 www.hanmi.co.kr
3 Yuhan 519 32 www.yuhan.co.kr
4 Green Cross 476 31 www.greencross.com
5 Jeil Pharmaceutical 328 9 www.jeilpharm.co.kr
6 Choongwae Pharma 414 19 www.cwp.co.kr
7 Chong Kun Dang 271 24 www.ckdpharm.com
8 Kwangdong Pharmaceutical 270 4 www.ekdp.com
9 Handok Pharmaceuticals 283 13 www.handok.co.kr
10 LG Life Sciences 276 64 www.lgls.co.kr
◆ Korean Pharmaceutical Companies (Unit: US$ million)
Status of Major Companies (2007)
◆ Composition by Biotechnology Sector
Source: KIET (2007)
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▶ Major Achievements
In just 20 years, Korea has shown many achievements in new drug developmentas shown in the table below.
No. Drug Company Date of Approval R&D Period (years)R&D Expenditures
Efficacy(government share)
1 Sunpla Inj. SK Chemical ’99. 7 10 8.7 (16) Stomach Cancer
2 EGF Topical Solution Daewoong ’01. 5 8 5.4 (3) Diabetic Foot Ulcer
3 Joins Tab. SK Chemical ’01. 7 9 6.5 (5) Arthritis
4 Milican Inj. Dong-wha ’01. 7 8 4.6 (0) Liver Cancer
5 Q-roxin Tab. Choongwae ’01.12 7 5.4 (6) Urinary Tract Infection
6 Stillen Cap. Donga ’02. 6 9 19.4 (5) Stomach Inflammation
7 Factive Tab. LG Life Sciences’02.12 (KFDA),
11 322.9 (GSK 83%) Respiratory Tract Infection’03.4 (USFDA)
8 Camtobell Inj. CKD Pharm ’03. 10 11 16.1 (13) Ovarian/Lung Cancer
9 Maxmarvil Tab. Yuyu ’04. 11 7 2.7 (6) Osteoporosis
10 Revanex Tab. Yuhan ’05. 9 15 43 (7) Peptic Ulcer
11 Zydena Tab. Donga ’05. 11 9 21.5 (11) Erectile Dysfunction
12 Levovir Cap. Bukwang ’06. 11 11 120.3 (1.5) Hepatitis B
13 Mvix SK Chemical ’07. 7 10 16.1 (10) Erectile Dysfunction
◆ New Drug Development Status (Unit: US$ million)
Source: 2007 Research Data from Korea Drug Research Association (KDRA)
Source: MEST, 「2007 White Paper on Bio Technology」(Dec. 2007)
2. Industry Characteristics
Industry Base
Since the early 1980s, when biotechnology (BT) research began under the aggressivesponsorship of the government, the biotechnology industry has rapidly grown to beamong the world’s top 10 in roughly 10 years.
·In particular, given that BT places emphasis on ultra high-speed analysis andhigh-throughput, the IT infrastructure in Korea, famous worldwide, will likelycontribute significantly to the development of BT in Korea.
In addition, Korea prevails in terms of gene recombination, cell fusion, and pro-tein engineering using traditional fermentation technology, with plenty of resourcessuch as animals, plants, and living organisms on both the land and sea.
Pharmaceutical companies in operation (including SMEs) Approx. 700
Bio-venture firms Approx. 600
KOSPI Exchange-listed and KOSDAQ-registered Companies Approx. 70
◆ Industrial Achievements (2006)
Source: KHIDI, 「Current Status of the Korean Bio Industry」(May 11, 2005)
No. of R&D Items
April 2007 December 2004
12 940
2 1
11 7 57
17 10 70
16 13 23
44 30 47
69 49 41
50 23 117
122 71 72
47 22 114
110 68 62
9 10 -10
11 11 0
473 294 61
Commercialization
Drug Approval
Phase 3
Clinical Trials Phase 2
Phase 1
Subtotal
Pre-clinical
Search
New Technology, New Dosage Formula, Complex Dosage Formula, DDS
Bio Medicine (including cell treatment)
Raw Materials (for pharmaceuticals)
Diagnosis Drugs
Other (functional materials/goods)
New Drugs
New Technology,
Biotechnology,
Medicine,
Super Generic
Total
Item Growth Rate (%)Development Phase
◆ R&D Projects of Korean Pharmaceutical Companies
Competitiveness of Korea’s Pharmaceutical/Biotechnology Industry
▶ Rapid Growth Rate2)
Domestic market: The pharmaceutical and biotechnology industry showed anannual growth rate of 10.1% and 18.7%, respectively, from 2001 to 2006. Amongothers, bio-food, bio-medicine, and bio-environment posted high growth rates of62.4%, 31.0%, and 18.5%, respectively, from 2002 to 2006.
▶ New Drug R&D Activities
In Korea, 26 major innovative pharmaceutical companies plan to sharply increaseinvestment in new drug R&D from 5.3% of total sales in 2004 to 7.2% by 2009.
As of April 2007, Korea’s innovative pharmaceutical companies had 44 items inclinical trials and 69 in the pre-clinical phase.
Compared to 2004, Korea has seen a high rate of increase in the number of re-search projects with 49% in new drug development and 69% in new technology.
3) KATS Statistics (Dec. 2007) 4) Korea Research Institute of Bioscience and Biotechnology (KRIBB), 「Biotechnology Market Status and its Outlook」(Dec. 2007)5) Hereinafter Lee Jae-hyuk, “European Bio Industry Status and Cooperative Measures (1)”, Product Updates, Korea Trade-Investment Promotion Agency (KOTRA)
(Dec. 24, 2005)
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▶ Domestic BioVenture to Enter Japan with “Cancer Treatment”
▶ Expansion of Venture Capital in Korea: Investment reaches as high
as 10%
The attitude of the government and the venture capital industry toward biotech-nology ventures has turned positive, as indicated in a statement by an official atKDB Capital in March 2008 that “the investment ratio of venture capital in thebiotechnology industry has sharply grown to hit as much as 10% from less than3% in 2004.”
▶ Highly Qualified Personnel
The number of new graduates with a master’s/Ph.D. degree in biology and bio-technology increased to 9,700 in 2006, up 1.5 times from 6,700 in 1999.
As of 2006, the number of employees in nearly 800 major firms in the biotech-nology industry totaled roughly 17,316, 53.6% of whom (8,715) were involvedin research, and 46.4% (8,601) were hired as production-line workers.
According to “2006 Statistics on Korean Bio-Industry” issued by KATS, et al, inDecember 2007, the total number of employees at companies surveyed (794) was17,316, up 24.9% from the previous year.
Among them, Ph.D. and master’s degree holders accounted for 11.9% and 44.4%,respectively, resulting in a concentration of those with high education in the bio-technology industry, thus significantly distinguishing the biotechnology industryfrom other key industry sectors (electronics, auto, steel, chemical, shipbuilding,etc.).
▶ Government Support Measures
Vision and goal of the government for the expansion of R&D investment in thebiotechnology industry
·The goal is to become the world’s seventh largest industry by 2016 (in termsof the number of science and technology-related dissertations issued and thecompetitiveness of patented technology, etc.).
Source: Newsis <www.newsis.com/article/view.htm?cID=10204&ar_id=NISX20080403_0006996692>
Creagene entered the Japanese market with its anti-cancer immunotherapy.
·Instead of Activated Lymphocyte Therapy, which is popular in Japan, the company will intro-duce a new therapy option using anti-cancer immune cell therapy based on dendritic cells ofthe U.S.
Other domestic companies including Inno Cell, InnoMediSis, Creagene, and NK Bio International,have already obtained approval for their respective anti-cancer immuno-cell therapies.
Inno Cell obtained approval from KFDA in August 2007, thus succeeding in commercializing“Immune Cell LC” as a treatment for liver cancer.
NK Bio International received approval from the KFDA in August 2007 regarding “NKM,” atreatment for malignant lymphoma, and currently on the market.
◆ Examples of Entry into Japan’s Cancer Treatment Market
In 2006, the biotechnology industry took root as one of the nation’s leading in-dustries, with annual production (domestic sales + exports) of KRW3 trillion.
·In terms of production ratio, bio-food and bio-medicine account for 43.6% and40.2% of the industry, respectively, followed by bio-environment (4.7%), bio-informatics & analysis/R&D (2.7%), and bio-process/equipment (2%)3).
According to the Korea Research Institute of Bioscience and Biotechnology, theKorean biotechnology industry, which amounted to KRW900 billion (global mar-ket share 1.7%) in 2000, has since grown, and will continue to grow, at an annualaverage rate of 23.5%. The industry is expected to grow to as much as KRW21.4trillion by 2015 (global market share 6.9%)4).
According to the findings of a study of the demand for cooperation with Korea,participated in by a total of 97 biotechnology companies in Belgium, as many as50 respondents (52%) expressed their “interest in Korea”, while “technologyexchange” was most cited among them as a way to cooperate with each other5).
Growth Potential of Pharmaceutical and Biotechnology Companies in Korea
Source: Medical Today <www.mdtoday.co.kr/mdtoday.html?cate=6&no=44728>
Company Contents
·In regard to “Ilaprazole”, a next generation treatment for peptic ulcers patented in 26 countries, Ilyang signed a license agreementin 2005 with TAP Pharmaceuticals, a U.S. peptic ulcer treatment maker, under which Ilyang received US$90 million in royalties,and agreed to a royalty payment of 5-10% of sales per year during the first 15 years of distribution of the new drug. TAP in turnobtained the global rights (excluding Asia) to Ilaprazole.
·In particular, as the patent rights of TAP Pharmaceuticals’ “Prevacid” expires in November 2009, TAP has chosen “Ilaprazole” asan alternative, providing it with primary support.
·In addition, Ilyang receives sales-linked royalties and deposit through licensing agreements regarding the Asian market.
·Dong-wha Pharmaceuticals enjoys royalties from DW-1350, osteoporosis treatment, and DW224a, a new quinolone with anti-pneumococcal activity.
·In regard to the osteoporosis treatment, on July 7, 2007, Dong-wha received KRW470.1 billion in royalties for worldwide technologytransfer, excluding distribution rights in Asia, through a licensing agreement with P&G, a multinational pharmaceutical company.
·Aside from the royalties for the technology transfer, Dong-wha will likely receive nearly KRW400 billion won in sales-based royaltieseach year.
·With regard to “LB84451,” a liver treatment which is in Phase 2 of development, LG Life Sciences entered a licensing agreementwith Gilead Sciences, Inc., a U.S.-based company. Under the agreement, LG is to receive US$200 million in royalties for technologyand will further enjoy sales-based royalties after commercialization.
◆ Examples of Export of Patent Rights of Korean Pharmaceutical Companies
Ilyang Pharm.
Dong-wha Pharm.
LG Life Sciences
6) Hereinafter, MEST, et al., 「2007 Implementation Plan on the Growth of Bio Technology」(Mar. 2007)7) Names of the ministries of the previous government are used. For the current names of the new government’s ministries, please refer to the website of
Cheong Wa Dae <english.president.go.kr/government/branch/branch.php>.
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▶ Patents by Government Body (2006)
Domestic application
·Total no. of applications: 1,601
·Total no. of registrations: 884
·The Ministry of Science and Technology (MOST), Ministry of Health and Welfare(MOHW), and the Ministry of Agriculture and Forestry (MAF) accounted for 77.1%(1,227 cases).
Overseas applications
·Total no. of applications: 510
·Total no. of registrations: 105
·The Ministry of Science and Technology, Ministry of Health and Welfare, and Ministryof Commerce, Industry, and Energy (MOCIE) accounted for 78% (415 cases).
▶ Implementation of Research Findings: Technology Transfer
Total 132 cases: MOST (49.6%), MAF (21.4%), MOCIE (10.7%)
▶ Distribution by Region
Nearly 1,000 companies are participating in the biotechnology industry, with more thanhalf located in the Seoul Metropolitan Area. However, the government policy for thenationwide promotion of bio clusters has made the industry diversified in geographicaldistribution.
Bio Cluster
·Formed based on the industrial characteristics of each region
·25 regional bio centers operating in 4 major clusters are pursuing an innovative clusterto create high value-added as an incubator for the establishment and nurturing of theworld’s leading biotechnology companies.
Bio Investment by Municipality
·Gangwon Province: By 2014, the “Gangwon Bio Medical Fund” will have beenestablished in the amount of KRW15 billion in a bid to further develop the region’sstrategic industry concerning medical devices and bio ventures in Chuncheon.
·N. Chungcheong Province: Currently, the “Biotopia Fund” totalling KRW11 billionis in operation.
Source: MEST,「Biotechnology in Korea」(Feb. 2006)
Major Clusters Specialization
Metropolitan Area Bio Hub
(Seoul·Incheon·Gyeonggi Province)
Daejeon/Chungcheong ProvinceBio-Medicine, Healthcare, Oriental Medicine,
Food, Functional Food
Jeolla Province/Jeju ProvinceNatural Materials, Bio Food, Agriculture,
Functional Cosmetics
Bio Electronics, Process, Fishery, Marine Environment,
Gangwon Province/Gyeongsang Province Healthcare, Functional Materials, Bio Chemistry,
Marine Life, Oriental Medicine
◆ Specialized Fields by Area
Under the “2006 Implementation Plan on the Growth of Bio Technology”,government-level investment in BT amounted to KRW827 billion in total, ofwhich R&D and infrastructure accounted for KRW648 billion and KRW154.1billion, up 23.6% (KRW123.9 billion) and 3% (KRW4.6 billion) from the pre-vious year, respectively.6)
▶ Achievements in Biotechnology Theses
Source: MEST, 「2007 White Paper on Biotechnology」(Dec. 2007)
◆ Government’s Plan for R&D Investment in the Biotechnology Sector
Notes: 2006 Average Exchange Rate: US$1 = KRW955.51
R&D Infra Personnel Training Total
Ministry of Education and 26,400 34,500 60,900
Human Resources Development
Ministry of Science and Technology 219,733 12,730 232,463
Ministry of Agriculture and Forestry 77,045 11,234 400 88,679
Ministry of Commerce, Industry, and Energy 59,191 91,214 1,501 151,906
Ministry of Information and Communication 21,799 4,530 26,329
Ministry of Health and Welfare 162,541 162,541
Ministry of Environment 22,478 22,478
Ministry of Marine Affairs and Fisheries 10,700 10,700
Government-sponsored research institutes 61,568 9,420 70,988
Total 661,455 129,128 36,401 826,984
◆ Investment in BT by Government Body (2006)7)(Unit: KRW million)
Source: MEST, 「2007 White Paper on Biotechnology」(Dec. 2007)
Notes: 1) Science Citation Index Expanded
2) Technology Strength = No. of Patents CII (Internationally accepted index considering
quantitative & qualitative factors)
1994 2005 2016 (target)
SCIE1) Rankings 29 13 7
Technology Strength2) 21 14 7
◆ Research Achievements and Technology in the Korean Biotechnology Industry
7) G8) Choi, Yoon-hee, 「2020 Vision and Strategy for the Biotechnology Industry」, KIET (Jun. 2007)
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3. Recent Trends
▶ Examples of M&A between Bio Venture Firms of Korea and the U.S.
Histostem Co., Ltd.
Histostem, a Korean biotechnology company, has recently signed a memorandum ofunderstanding (MOU) with SCTI (Stem Cell Therapy International) based in Tampa,Florida, in regard to a prospective merger of the two companies.
Founded in 2000, Histostem is one of the world’s leading umbilical cord stem cell bloodbanks (80,000 units donated) and is the first in the world to treat diseases through donatedstem cell.
▶ Examples of Joint Ventures between Korean Biotechnology Companies
and Foreign Venture Capital: Crystal Genomics, Inc.
On February 26, 2007, Crystal Genomics and ProQuest Investments created a joint venture,Palkion, to transfer technology regarding “a novel molecule therapeutics for hypoxemia(anemia, stroke & neuroprotection etc.)” owned by Crystal Genomics, and conduct clinicaltrials in Palkion.
The components to be transferred under the JV agreement have not yet been approvedas a new drug candidate for further trials.
·Under the JV agreement, Crystal Genomics will receive US$6 million in upfront andresearch funding for 2 years from ProQuest (in addition to development milestone pay-ments and royalties), during which period the final selection of developmental candi-dates will be made.
The milestone payment was set at US$50 million per applicable disease (efficacy).
▶ Multinational Pharmaceutical Company: In support of start-up Korean bio
venture firms
Case 1. Novartis
Get Armed To Explore Global Markets (GATE) Project:
The goal is to support start-ups by Korea’s bio venture firms and the development of theKorean Biotechnology Industry (to be conducted in 2008).
·A review of domestic firms is under way after a presentation of the GATE Project onMarch 29, 2008.
With an operating fund of US$550 million, the largest in the world (average US$10-15million per recipient firm), the Novartis Venture Fund has been established to invest instart-up venture firms with innovative life science concepts.Source: news.moneytoday.co.kr/view/mtview.php?no=2008031215070059579&type=2
Case 2. Pfizer
In June 2007, Pfizer, Inc., the world’s largest multinational pharmaceutical company,announced an investment of US$300 million in new drug development and healthcaretechnology research in Korea by 2012.
Currently, Pfizer is in alliance with the Korea Research Institute of Bioscience and
Biotechnology (KRIBB), and domestic companies and hospitals (for anti-cancer andAlzheimer’s Disease treatments).Source: www.donga.com/fbin/output?n=200805100119
▶ R&D Environment
In keeping up with the trends in the global BT industry, Korea has concentratedits R&D resources on genetic engineering, proteomics, and bioinformatics.
Combined with state-of-the-art technology, new research is also in progressconcerning biotechnology products.
·Total R&D investment by the government in the biotechnology industry, whichstood at KRW661.5 billion in 2006, has shown signs of strong growth at anannual average rate of 23% on the back of the government’s aggressive pro-motion policy.
Major research institutes and research-oriented universities
·Korea Research Institute of Bioscience & Biotechnology, Korea ResearchInstitute of Chemical Technology, Pohang University of Science & Technology,Seoul National University, Yonsei University, National Cancer Center, etc.
Promising Sectors
The Korean government has chosen the biotechnology industry as one of thecountry’s next generation growth engines, further dividing it into advancedbiomedicines, bio-organs, cell therapy, tissue engineering, and bio-chips.
·In August, 2003, advanced biomedicine and bio-organs were designated andsupported by the government as “Top 10 next generation growth engine in-dustry sectors”.8)
The Korean government decided to invest KRW225.4 billion over the next 4years, which includes KRW160.3 billion at the government level and KRW65.1billion at the private level, in an attempt to become top 5 or top 7 (based on marketshare) in the global market in terms of advanced biomedicines and bio-organsby 2012.
Source: Choi, Yoon-hee, 「2020 Vision and Strategy for the Biotechnology Industry」, KIET (Jun. 2007)
2005 2010 2015 2020 Annual average rate of increase (’05-’20)
Advanced Biomedicine 1,206.9 3,071.6 7,218.7 11,199.9 15.9
Bio-organ 6.3 19.3 59.1 132.4 22.5
Bio-chip 10.8 46.7 185.2 362.2 26.4
Domestic Market Total (A) 1,224.0 3,137.6 7,463.0 11,594.5 16.2
Global Market (B) 72,060.4 164,214.2 371,438.3 517,946.1 14.1
Ratio (A/B) 1.7 1.9 2.0 2.2 -
◆ 2020 Outlook for Domestic and Global Biotechnology Markets (Unit: US$ million, %)
Source: KHIDI, 「Health Care R&D Report」, Vol. 1 (Apr. 2008)
Notes: Based on a scale of 100, which is equal to global leaders
2003 2012
Global Ranking of Technology Market Share (%) Global Ranking of Technology Market Share (%)
Advanced Biomedicine 14 1-2 5 5-7
Bio-organs 70 - 90-100 50-60
Bio-chips 53 1 90-100 0-50
◆ Implementation Objectives of Advanced Biomedicine and Bio-organs
FDI I
ncen
tives
1617
FDI Incentives
Financial Support
Source: Invest KOREA, 「Guide to Investing in Korea」(Feb. 2008)
Notes: 1) For more details, please refer to the full text of the source, which is available at www.investkorea.org in PDF format.
2) As the new government is in the process of revamping the FDI-related legal system, please visit the Invest KOREA at
www.investkorea.org for the most recently updated information.
Other
(as of Feb. 2008)
Incentive Details
▶Qualifications
1) Foreign companies engaged in industry support services or sectors involving high tech-nology, or those that are based in a foreign investment zone or free economic zone are eli-gible to receive reduction on corporate, income, and local taxes (acquisition, registration andproperty taxes); 2) In case that the capital goods used for business purposes are subject toreduction of corporate tax or income tax, customs tariffs are exempted on the capital goodsfor which the import declaration is completed within three years from the date of investmentnotification.
▶Application Procedures
Application for prior checking on tax reduction: to confirm the existence of a high-degreetechnologyApplication for tax reduction ·Relevant organization: Ministry of Strategy and Finance (www.mosf.go.kr)Decision and notification of tax reduction will occur within 20 days from the application date
▶Qualifications
A foreign investment whose foreign-equity stake is over 30% and 1) at least US$10 million inthe industry support services sector; 2) includes high-degree technologies, or is a greenfieldinvestment in parts and materials manufacturing; 3) newly built/expanded R&D facilities infields related to industry support services or high-degree technology businesses, or researchfacilities of non-profit corporations invested in by a foreign national; or 4) cases where theinvestment amount, etc. do not meet the necessary requirements, but the investment is deemedto have a significant impact on the domestic economy and/or is deemed eligible for a cashgrant by the Foreign Investment Committee
⇨5% or more of the investment amount is paid in cash with the upper limit to be determinedby a closed formula
▶Application Procedures
Negotiation and grant application/evaluation ·Relevant organization: Ministry of Knowledge Economy (www.mke.go.kr)Decision of grant and contract conclusion·It shall not take more than 60 days from application to contract conclusion.Payment of cash grant ·In a lump sum or in installments up to 10 times for a maximum duration of 5 years
▶Legal Usage: Limited to funds to support employment and training, land purchase and lease,construction costs, costs to cover installation of facilities necessary for business establish-ment, capital goods and research equipment purchasing costs
Cash Grant
Site LocationSupport
Tax Reduction
▶Foreign Investment Zones (FIZ)
Stand-alone type FIZ
Overview: Designated as the site of an individual foreign-invested company, as determinedby the investor’s request of region, timing, and other preferences so as to attract large-sizeinvestmentDesignation criteria: Manufacturing-at least US$30 million; Tourism-at least US$20 million;Logistics- at least US$10 million; R&D-at least US$2 million Relevant law: Foreign Investment Promotion Act (FIPA)
Complex-type FIZ
Overview: Operated based on lower rents. This refers to an area divided into predesignatedsections for lease or sale, for the purpose of attracting small- and medium-sized foreign-invested companies possessing cutting-edge technologies. Designation criteria: Manufacturing, logistics, etc. with at least 30% of foreign investment ratioand an investment of at least KRW50 million Relevant law: Foreign Investment Promotion Act (FIPA)Reference: http://www.kicox.or.kr/sub04/sub02.jsp
▶Free Trade Zones (FTZ)
Overview: Free trade zones were introduced for the purpose of promoting FDI and trade andoperate as a customs-free zone. FTZs provide the ideal location for foreign-invested com-panies to operate manufacturing and logistics simultaneously (industrial complex type,airport/seaport type).Designation criteria: Foreign-invested companies, domestic companies, businesses inlogistics and trade, etc. Relevant law: Law on Designation and Operation of Free Trade ZonesReference: http://www.ftz.go.kr
▶Free Economic Zones (FEZ)
Overview: FEZs are distinguished from existing manufacturing-centered industrial complexesin that they are characterized as an industrial complex with international schools, hospitalsand broadcasting stations for the purpose of inviting knowledge industries and high value-added service industries, as well as having foreigner-friendly living conditions. Designation criteria: Foreign-invested companies, manufacturing or logistics companies,medical organizations, educational institutes, financial organizations, etc. Relevant law: Law on Designation and Operation of Free Economic ZonesReference: http://www.fez.go.kr/
▶Qualifications: A foreign-invested company where the foreign equity stake is at least 30percent, or where a foreign individual is the largest shareholder
▶Support Coverage: Cost of staff education and training, cost of hiring personnel, andprojects to build infrastructure within a foreign investment zone or to enhance the livingenvironment
National and public property lease and rent reduction
·Rents may be reduced by case, up to 50%-100% through certain procedures. Project Manager (PM) designation and operationExemption on restrictions regarding the total investment amountPermission to construct a new factory within the capital area·Foreign-invested companies in an industrial complex of a growth restriction area, which
satisfy certain conditions
FDI I
ncen
tives
1819
* Target industry/company and grant conditions are stipulated differently in the ordinances of each local government.
◆ Financial Support by the Central Government *
Category Support
Cost of Staff Education and Training
Cost of Hiring Staff
A foreign-invested company which hires at least 20 new employees iseligible to receive a monthly grant of between KRW100-500 thousandper employee for a maximum of 6 months.
A foreign-invested company which hires at least 20 new employees iseligible to receive a monthly grant of between KRW100-500 thousandper additional employee for a maximum of 6 months.
◆ Site Location Support -Reduction of Rent *
Contents of Support
▶FIZ
Stand-alone type FIZ
Rent: Over 10/1000 of the site value 100% rent reduction
Complex-type FIZ
Rent: Approx. 10/1000 of the site value
Rent reduction
·High-degree technology & investment of at least US$1 million: 100% reduction
·General manufacturing & investment of at least US$5 million: 75% reduction
▶FTZ
Rent: Approx. 10/1000 of the site value
100% rent reduction
·A foreign-invested company whose new investment totals at least US$10 million
·Foreign-held equity stake totals at least 30% of the foreign investment ratio whose new investment totals at
least US$1 million
·A new investment of at least US$500 thousand into a cutting-edge technology, high-degree technology and/or
industry-supporting service business
▶FEZ
Rent: Approx. 10/1000 of the site value
Rate of rent reduction (to be determined by the FEZ authority)
◆ Tax Exemption for a High Degree Technology Business *
Whether or not the business of a foreign-invested company is a high-degree technology business (as stip-ulated by the Tax Exemptions and Exceptions Act) is determined through deliberation by the Foreign Invest-ment Deliberation Council of the Ministry of Strategy and Finance. The requirements are as follows:
·① The technology shall have a profound economic or technological impact on the national economy, andbe essential to improving the industrial structure and strengthening industrial competitiveness; ② Thetechnology shall have been introduced to the country less than 3 years prior, or shall be economicallyand technologically superior to already introduced technologies even through it was introduced morethan 3 years ago; ③ Most of the processes using the very technology shall be carried out domestically.
The tax reduction for a business already recognized as a high-degree technology business is the same asthat for companies that invested into FIZs, regardless of investment conditions and locations.
The products and technology items falling under the high-degree technology business category are limitedto the list announced by the Ministry of Strategy and Finance in 2006.
* The translation of Tax Exemptions and Exceptions Act into English by the Ministry of Government Legislationis in progress, and can be referred to in English on the Invest KOREA website, www.investkorea.org from Sep.2008.
Tax Reduction Standards for Foreign-Invested Companies and OtherGrants (as of Apr. 30, 2008)
◆ Reduction of National and Local Tax *
* Local taxes to be applied at varied reduced rates between 5 to 15 years according to local government ordinance
Category TypeInvestment Reduction Period
Ref.Amount and Details
High-degree Technology Businesses 7 years in total
(100% for the first5 years,
50% for the following2 years)
Companies in a Stand- alone Type FIZ
Hiring more than 10 employees withmaster’s degree or
higher
Companies in a Complex-type FIZ
5 years in total (100% for the first
3 years,50% for the following
2 years)
Companies in an FEZ
Companies in a Business City Development Zone
(Unit: US$ million)
Manufacturing
Manufacturing
R&D
Manufacturing
n/a
At least US$30 million
At least US$2 million
At least US$10 million
◆ Reduction and Exemption of Customs, Individual Consumption Tax, Value-added Tax, etc.
Category Relevant Tax Object Ref.
Capital goodsimported withinvested cash
Capital goodsimported withinvestment in-kind
On conditionof importingwithin 3 yearsfrom the dateof foreigninvestmentnotification
Customs, individual consumption tax, value-added tax
Customs
High-degree Technology Businesses
Companies in a Stand-alone Type FIZ
Companies in a Complex-type FIZEligible for Tax Reduction
Companies in an FTZ Eligible forTax Reduction
Companies in an FEZ Eligible forTax Reduction FEZ
* For a foreign-invested company whose investment ratio is at least 30% or which constructs a new factory,support of up to 50% of the total investment amount can be awarded.
9) Choe, Won-mok, “Evaluation on the Results of the Korea-US FTA Talks regarding the Pharmaceutical Sector”, See 「KHIDI Report on the Health Care Industry」,Vol. 3 (Sep. 2007)
FDI I
ncen
tives
2021
Growth in Business Opportunities following the Korea-U.S. FTA:Focus on Pharmaceuticals (including new bio-medicine)9)
Pharmaceutical Management System
▶ Major Contents of the Korea-U.S. FTA
Compensation in drug price for patented drugs (open to renegotiation even after drug prices aredetermined: to improve new drug profitability)
Extension of the protection period for intellectual property rights: to make up for the time periodtaken to obtain approval for the marketing of new drugs
Linkage between approval and patent
Exclusive possession of pharmaceutical data: to protect the developer of data for at least 5 years
Abolition of tariffs
Necessity for mutual recognition of regulatory cooperation, such as GMP and GLP
* As the Korea-US FTA includes a considerable number of provisions in favor of the U.S.,U.S.-based firms (bio firms, drug companies and venture capital, etc.), once the FTA is finallyratified by the two countries, will likely step up their efforts to form strategic alliances with,invest directly in, and enter into M&A agreements with Korean bioventure firms.
◆ Status of Pharmaceutical/Bio Clusters
◆ Pharmaceutical and BT Industry Support Centers by Region
Promising Investment Regions
Prom
isin
g In
vest
men
t Reg
ions
2223
Gyeonggi Province
▶ Gyeonggi Techno Park (Ansan Techno Park)
No. of resident companies: 74 (Bio 18, Electronics/IT & Communications 19, Autoparts 7, Mechatronics 16, Drugs/Fine Chemicals 6, Nano 1, Other 7)
Represented sectors: bio, medicine, fine chemicals, nano, IT, auto parts, etc.
Characteristics
·In technological cooperation with a consortium of 6 universities (Kyunghee University,Myongji University, Sungkyunkwan University, University of Suwon, Ajou University,and Hanyang University)
·Technological sophistication of small and medium enterprises, and nurturing and sup-port of venture start-ups
·Rental of research equipment, support of many corporations (management/fund con-sulting, technology development, personnel/education, channels of sale/export)
▶ Gyeonggi Bio Center
Size (1,000m2): land area 33.1, building area 3.7, gardening area 18.2 (2-floor basement,15-story building)
Represented sectors: bio-medicine, new drugs, cell treatment, bio new materials
Characteristics
·Occupied by 20 research institutes of major domestic pharmaceutical & bioventurecompanies
·Residence facilities for each individual company (14,945.70m2) and joint supportfacilities for resident companies
Incheon Free Economic Zone (IFEZ)
▶ Songdo Techno Park
No. of resident companies: 35
Land area (1,000m2): 137.2
Represented sectors: electronics/information, mechatronics, corporate research institute,precision devices, new materials, bio industry, etc.
Support: venture start-ups, pilot production, auto parts industry, cluster establishment,bio-industry, technology transfer, pilot product manufacturing, nano technology, etc.
Relevant support facilities: Songdo Techno Park, Korea Biotechnology Commercial-ization Center, Korea Institute of Industrial Technology, Incheon Research Center, LifeSciences Dept. of Gachon University of Medicine and Science, Korea Environment &Merchandise Testing Institute GLP Center, Defense Agency for Technology and Quality,national defense venture centers, the research centers of Incheon University and InhaUniversity, et al.
▶ Korea Biotechnology Commercialization Center
Size (1,000m2): land area 16.2, building area 8.8
Primary business sectors: provision of contract manufacturing service of bio-pharmaceu-ticals (API manufacturing, clinical trial sample and therapeutics manufacturing, pre-clinical& testing sample manufacturing), contract testing service, contract process developmentand research assistance
Characteristics: KBCC’s facility was designed by CDI Engineering Group, USA, as aworld-class facility in 2007 after being validated by PAREXEL, USA (the KBCC’squality system reflecting cGMP, EU-GMP and KGMP regulations & guidelines).
Chungcheong Province
▶ Osong Bio-Health Science Technopolis
Founded in 2008
Location: Osong, North Chungcheong Province
No. of resident companies: 52 (Pharmaceutical 22, Bio 10, Medical Device 13,Cosmetics 3, Food 2, etc.), plus overseas companies undergoing the application process
Total land area (1,000m2): 4,633 (Foreign Investment Zone 301.7)
Characteristics
·5 governmental organizations (Korea Food and Drug Administration, National Instituteof Toxicological Research, Korea Centers for Disease Control and Prevention, KoreaHealth Industry Development Institute, and Korea Human Resources DevelopmentInstitute for Health and Welfare) are planning to move to Osong Bio-Health ScienceTechnopolis by 2010 in an attempt to perform such key roles as R&D regardinghealthcare and clinical trials, certification and permit, and personnel training.
·Designated as an FIZ
▶ Chungbuk (N. Chungcheong Province) Health Industry Center
Represented sectors: functional food or medicinal food products, pharmaceuticals, functionalcosmetics, organs (artificial organs/bio organs), medical devices, medical services,hospitals, and healthcare facilities, other healthcare related systems/drugs/medicalequipment
▶ Chungnam (S. Chungcheong Province) Animal Science Center
Represented sectors: high-tech feed additives, pet vaccines, animal excretion treatmenttechnology, high-tech milk and meat processing technology, support of venture start-ups
Support: 112 types of equipment available for rent/alliances with other colleges, researchinstitutes and centers
Prom
isin
g In
vest
men
t Reg
ions
2425
Gangwon Province
▶ Wonju Medical Industry Techno Valley
No. of resident companies: 63 (Dongwha medical device complex 22, medical deviceindustry complex 27, high-tech medical device techno tower 14)
Land area (1,000m2): 391
Represented sectors: medical devices
Characteristics
·Securing highly-skilled research and technical personnel from 5 colleges
·Assistance in clinical trials through 3 general hospitals
·Designation of venture business growth and promotion districts by the Small and MediumBusiness Administration
·Designation of a model complex for an innovation cluster
·Establishment of a one-stop service system through allied companies
▶ Chuncheon Bioindustry Foundation
No. of resident companies: 39 (venture start-up support center 28, bio venture plaza 11)
Size (1,000m2): total area 36.5 (residence facilities: venture start-up support center 10.0,bio venture plaza 8.8)
Represented sectors: nano oriental medicine, development of biochip manufacturingtechnology and small-size detection devices
Characteristics
·Bio Venture Plaza: residence area by company of 330-825m2, bioindustry apartment-like factory facilities (factory permit completed), support of space and equipmentnecessary for mass production
·Venture Business Support Center: designation of bio venture business promotion zone(various kinds of funding and tax support), experimental and analytical equipments(LC/MSD, GC/MS, MALDI-TOF, Prep-HPLC, IC, etc.)
Gyeongsang Province
▶ Gyeongbuk (N. Gyeongsang Province) Institute for Bioindustry
Represented sectors: bio agriculture, functional food, bio oriental medicine
Support
·Corporate support project
〉Support for equipment operation and technology development firms
〉Rental of equipment held by centers, and residence in the factory complex andresearch complex
〉Key technology training and education for start-ups
〉Support of marketing and management consulting
·Infrastructure construction project
〉Headquarters (6600m2), research center (874.5m2), 2nd production complex (924m2)
〉Experiment·analysis·pilot production equipment (270 units/157 kinds)
▶ Pohang Techno Park
No. of resident companies: 56 (BT 5, Mechatronics 23, High-tech Parts & Materials 17,IT 9, Others 2)
Size (1,000m2): land area 187.3, building area 63.8
Represented sectors: sophisticated production focusing on NT, BT and convergencetechnology
Support: common facilities for corporate support, equipment installation and usage,funding support, training, subsidy for new employment, PR marketing, management con-sulting, technology transfer, ASP solutions, etc.
▶ Jinju BIO21 Center
No. of resident companies: 26
Area (1,000m2): land area 36.1, building area 8.6
Represented sectors: functional bio materials and medical and bio-related businesspersonnel training
Support
·Bio Venture Plaza: to further develop bio venture businesses in the growth stage
·Non-clinical test support organization: non-clinical trials for health and functionalfood/medicine
·Bio industry complex: for self-reliant bio firms
▶ Gimhae BioMedical Industry Supporting Center
No. of resident companies: 23
Size (1,000m2): land area 16.5, building area 3.3
Represented sectors: standardization of medicines, medical food, health aid food, geneindustry, human genome, medicines, pharmaceutical raw materials, medicalequipments, diagnostic and treatment devices and equipments
Support
·Places priority on high-cost analytic devices and equipment and pilot productionequipment.
·Benefit for usage fees: 30% exempt from the usage fees of equipment
·Utilization of common equipment of regional colleges and research institutes, in casesuch equipment is not available
Prom
isin
g In
vest
men
t Reg
ions
2627
Jeolla Province
▶ Jeonbuk (N. Jeolla Province) Bioindustry Development Institute
Represented sectors: development of fermented functional construction of foods and biopark infrastructure
Characteristics: provision of infrastructure necessary to support resident companies suchas a convention center, distribution center, packaging design center, research & developmentcenter, etc.
▶ Jeonnam (S. Jeolla Province) Biotechnology Foundation
Represented sectors: development of functional and health foods, and fields of bio foodsand bio agriculture
Support: equipment usage fees at a 20% discount, packaging and container designingcosts at a 10% discount, common laboratory, support of common research project per-formance, ancillary facilities, etc.
▶ Hwasun Bio Medicine Complex
Foundation: began construction in 2006, to be completed in 2009
Land area (1,000m2): 762.3
Represented sectors: influenza vaccine, classical vaccine (Green Cross)
Characteristics: Greencross Vaccine Research Center, Jeonnam Biotechnology ResearchCenter, Oriental Herb Center
This publication has been made possible through the support of and .
Relevant Organizations
Public Organizations Ministry of Knowledge Economy www.mke.go.kr
Ministry of Foreign Affairs and Trade www.mofat.go.kr
Korea National Statistical Office www.nso.go.kr
Korea Customs Service www.customs.go.kr
The Korean Intellectual Property Office english.customs.go.kr
Korea National Tax Service www.nta.go.kr/eng
The Bank of Korea www.bok.or.kr
Statutes of the Republic of Korea elaw.klri.re.kr
Korea Trade and Investment Promotion Agency www.kotra.or.kr
Invest Korea Journal www.ikjournal.com
Local Governments (in alphabetical order) Busan Metropolitan City www.busan.go.kr
N. Chungcheong Province www.cb21.net
S. Chungcheong Province chungnam.net
Daegu Metropolitan City www.daegu.go.kr
Daejeon Metropolitan City www.metro.daejeon.kr
Gangwon Province eng.gwd.go.kr
Gwangju Metropolitan City eng.gjcity.net
Gyeonggi Province invest.go.kr/eng
N. Gyeongsang Province www.gyeongbuk.go.kr
S. Gyeongsang Province english.gsnd.net
Incheon Metropolitan City english.incheon.go.kr
Jeju Special Governing Province www.jeju.go.kr
N. Jeolla Province www.jeonbuk.go.kr
S. Jeolla Province www.jeonnam.go.kr
Seoul Metropolitan Government english.seoul.go.kr
Ulsan Metropolitan City english.ulsan.go.kr
Institutes Korea Institute for Industrial Economics & Trade www.kiet.re.kr
Korea Institute of Science and Technology Information www.kisti.re.kr
Korea Development Institute www.kdi.re.kr
Samsung Economic Research Institute www.seriworld.org
The Institute for Industrial Policy Studies www.ips.or.kr
Korea International Trade Association www.kita.org
Free Economic Zones Incheon Free Economic Zone (IFEZ) eng.ifez.go.kr
Busan-Jinhae Free Economic Zone (BJFEZ) www.bjfez.go.kr
Gwangyang Bay Area Free Economic Zone (GFEZ) gfez.go.kr
Pharmaceutical and BT-related Korea Ministry of Health, Welfare and Family english.mw.go.kr
Korea Food and Drug Administration www.kfda.go.kr
Korea Pharmaceutical Manufactures Association www.kpma.or.kr
The Korean Society for Microbiology and Biotechnology www.kormb.or.kr
The Korean Society for Biotechnology and Bioengineering www.ksbb.or.kr
The Korea Biotechnology Research Association www.kbra.or.kr
Bioindustry Association of Korea www.bak.or.kr
Agriculture and Life Science Research Information Center www.alric.org
