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The Development Strategy of the Biotechnology Industry in the Post-Covid-19 Era

Author

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  • Kwon, Ohsung

    (Korea Institute for Industrial Economics and Trade)

Abstract

Due to the COVID-19 pandemic, interest in COVID-19 vaccines and treatments has grown. In addition, awareness of the importance of healthcare and disease prevention has risen, thus demand for related goods has also increased. There are movements to preempt emerging industries, such as pharmaceuticals, healthcare, and telemedicine, around the world. Recently, Korea selected the biotech industry as one of the so-called “BIG3” future industries primed to lead national innovative growth, along with the future mobility and non-memory semiconductors industries. The BIG3 industries are targets of four trillion KRW in government investment, which is an increase of 900 billion KRW from the previous year. Of those investments, about 1.7 trillion KRW will be allocated to the biotech and healthcare sectors. Other major countries such as the US, Japan, EU, and Israel are expanding R&D investments in those sectors to improve industrial competencies and to respond to COVID-19. In this paper, the current status of Korean biotech industry in terms of the biotech companies, the distribution of human resources, and industrial policies will be analyzed. Then, specific methodologies for the development of the industry will be proposed.

Suggested Citation

  • Kwon, Ohsung, 2021. "The Development Strategy of the Biotechnology Industry in the Post-Covid-19 Era," Industrial Economic Review 21-19, Korea Institute for Industrial Economics and Trade.
    • Handle: RePEc:ris:kieter:2021_019
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    More about this item

    Keywords

    biotechnology; COVID-19; Korea; health care; health policy; public health; health care economics; health economics;
    All these keywords.

    JEL classification:

    • H51 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Health
    • I12 - Health, Education, and Welfare - - Health - - - Health Behavior
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health

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