South Korea to foster 200 K-pharmaceutical and bio frontier companies by 2030

The South Korean Ministry of Health and Welfare and the Ministry of SMEs and Startups have announced a plan to nurture 200 “K-pharmaceutical and bio frontier companies” by 2030. The initiative aims to support small and medium-sized enterprises through every stage of development, from drug candidate discovery to clinical trials, commercialization, and global expansion.

Under the plan, 50 companies will be selected annually across three key sectors: 20 in new drug development, 20 in medical devices and digital health, and 10 in biomaterials and production technology. Selected companies will be assigned a “growth director” for one-on-one strategic planning. Initial support will cover R&D, clinical trials, and commercialization for two years, with high-performing companies eligible for an additional three years of support focused on investment and international market entry.

To facilitate financial growth, the government will provide 60 billion won in investment and 90 billion won in commercialization guarantees through specialized R&D banks over a three-year period. The strategy also emphasizes utilizing advanced technologies, such as AI, to reduce the time and cost of drug development and aims to improve the environment for hospital-based researchers to launch startups.