South Korea to expand tax breaks for biopharmaceuticals

Celltrion

19/07/2023 06:00

SEOUL, July 19 (Reuters) - South Korea will expand tax
breaks for biopharmaceuticals in a push to become the world's
top biopharmaceutical manufacturing nation by 2030, the industry
ministry said on Wednesday. 
    The country will also speed up approvals for production
plants, simplify regulations and support research to target 100
trillion won ($78.98 billion) worth of production in
biopharmaceuticals, environment-friendly materials and greener
alternatives to fossil fuels by 2030, the ministry said. 
    Biopharmaceuticals are medical treatments made from peptides
and proteins.
    South Korea, Asia's fourth-largest economy which is driven
by exports, is trying to diversify from its dependence on
semiconductors - its biggest selling product - by growing other
industries with future potential. 
    South Korean companies plan a combined 15.7 trillion won in
biopharmaceuticals investments by 2030, the ministry said in a
statement.  
    Companies such as Samsung BioLogics  207940.KS  and
Celltrion  068270.KS  produce biopharmaceuticals.       

($1 = 1,266.1300 won)

 (Reporting by Joyce Lee; Editing by Sonali Paul)
 ((joyce.lee@tr.com))