SEOUL, Jan. 29 (Yonhap) -- South Korea's science ministry said Friday it will extend research and development (R&D) support for the bio-health sector, bolstering efforts to develop regenerative medicine and homegrown medical devices.
Under the Ministry of Science and ICT's bio-health strategy, the country will also expand R&D investment to converge cutting-edge technology, such as artificial intelligence, with new medicine development to boost efficiency.
The ministry will also expand support for the development of homegrown medical devices.
It will also aim to acquire core technology in next-generation regenerative medicine, such as stem cell research, and strengthen long-term support for new treatment methods, such as gene editing technology.
The move comes after the country outlined a bio-health investment strategy in 2019, which only clarified support for four sectors -- fundamental research, medicine, health care services and regulatory science.
The updated strategy includes support for bio-convergence technology, medical devices, regenerative medicine, clinical health science, bio-resources and information infrastructure, as well as fostering more experts.
The science ministry has set aside 520 billion won (US$466 million) to support biotechnology development this year.
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