South Korean president says bio-medicine industry to drive future economic growth

By Park Sae-jin Posted : December 22, 2015, 08:19 Updated : December 22, 2015, 08:19

Park Geun-hye, the President of Korea [Courtesy of Blue House]

South Korean President Park Geun-hye on Monday vowed to foster the bio-medicine industry as a key engine of the country’s future economic growth.

"The government plans to keep strengthening its support to developing the bio-medicine industry as the core industry that spurs growth in our economy through drastic deregulation, continuous research and development as well as human resources," Park said.

She was speaking at a ground-breaking ceremony in Songdo, west of Seoul, where Samsung BioLogics Co, a pharmaceutical arm of Samsung Group, is investing $720 million in building a new production line next to its two other biologics manufacturing plants.

The county’s leading conglomerate Samsung Group got into biologics manufacturing in 2011 as a way to diversify away from its slowing mobile phone business.

When the new facility is wrapped up in 2018, Samsung's Songdo site will house three plants with a combined 360,000 liters of capacity.

Samsung BioLogics expects its annual sales will reach 2 trillion won if the third factory commences its operation.

By Alex Lee
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