The MOHW, support for pharmaceuticals entering overseas

In the COVID-19 crisis, the world is focusing on the domestic pharmaceutical and bio industries.

6th 'K-BIO' new fund notice

The government will create a ₩100 billion fund to support domestic biohealth companies that have excellent technology but are having difficulty attracting external investment.

 

The final goal of the fund is to enhance the international competitiveness of Korean bio-health companies and to expand into the global market due to the COVID-19 crisis.

 

The government's plan is to recruit fund managers by June and form a fund within the year.

 

The policy is to focus on investment in the domestic pharmaceutical, bio, and medical device industries and overseas support areas for medical institutions.

 

On the 27th, the MOHW (Minister Park Neung-hoo) said, "We will create a new fund worth ₩100 billion to support overseas expansion of K-BIO." Since 2013, the MOHW has raised and invested ₩80 billion in funds to foster the domestic bio-health industry and support overseas expansion.

 

The MOHW said that it has created a number of successful cases by actively investing by discovering companies that have technological skills but are having difficulties in attracting investment.

 

The MOHW added that there is no bio-health fund that has yet to be liquidated by investing for 4 years and operating for 8 years, but it has been recovering investments of ₩51 billion.

 

The fund to be newly raised is about ₩100 billion by recruiting private investors with initial investment of ₩15 billion of investment funds and ₩25 billion of the Export and Import Bank of Korea contributions.

 

In addition, the MOHW plans to unify the five funds that have been created and operated as K-BIO new growth funds.

 

The new fund will be named 'K-BIO New Growth Fund No.

 

6'.

 

The MOHW will announce the selection of managers to manage the fund through Korea Venture Investment and Korea Export-Import Bank from 28th to 20th next month.

 

It will plan to select fund managers in June and close the fund formation in September at the earliest and this year at the latest.

 

The MOHW's Eul-ki Lim, .

 

the Health Industry Development Division Officer, said that COVID-19 is a concern for the global economic downturn, but it will be an opportunity for the domestic bio-health industry, which is attracting attention all over the world.