South Korea Allocates $846 Million For Biotech R&D

Filed in archive Biotech Hubs and Facilities , Corporate and Industrial News , Other Biotechnology News , Stem Cells on June 1, 2006

After the falsification fiasco with Korean stem-cell and cloning expert, Woo Suk Hwang, will South Korea be able to rebuild its position and reputation as a leader in stem cell research?

The South Korean government is intent on making the country one of the top three leading countries in stem cell research by 2015, and has announced its intention to allocate US$846 million this year for biotech research and development. More than half of those funds (430 billion won) will be alloted for stem-cell research.

The figure marks an 18.9% year-on-year increase in investment in this field. Out of the total, 648 billion won will be earmarked for R&D projects, with the rest to be used to boost the country's basic infrastructure, the ministry said.

But Seoul is still treading on egg shells, in connection with the scandal involving Hwang Woo-suk's use of human egg cells.

Seoul, however, plans to put on hold further R&D work in embryonic stem cell research using human ova for the time being until legal and ethical guidelines are established. Until this issue is resolved, authorities plan to only permit research to be conducted on animal subjects.

See the full report from the Asian Times, S Korea to inject US$846m into biotech research.