The bio-health industry has been attracting a lot of attention and competition for technological supremacy in the wake of the COVID-19 pandemic. Last March, South Korea announced “Taking a Leap as a Global Hub for Bio and Digital Health” as one of its major government tasks, and embarked on various industry-related support projects and policies.
Even before the rise of the field, Pangyo Techno Valley had already provided various support for the growth of biotechnology. Pangyo Techno Valley is a tech cluster created in Seongnam, Gyeonggi-do, and the global R&D hub focusing on various fields such as information technology (IT), bio technology (BT), content technology (CT), and nanotechnology (NT).
According to the 2022 survey of Pangyo Techno Valley, the number of companies located in Pangyo Techno Valley is 1,642, with information technology (IT) 66.8% (1,082), biotechnology (BT) 14.4% (233), content technology (CT) 10 % (161) and others (including nanotechnology (NT)) for 8.8% (143). In 2021, the biotechnology sector accounted for 13.4%, and its number is increasing every year.
Not only large companies such as SK Chemicals, CHA Medical Center, Qurient, Medipost, and Theragen Bio, Korea’s representative companies in the biotechnology field, but also start-ups are located here. In addition, support for R&D and infrastructure, as well as global networks, is provided for the growth and competitiveness of the bio companies.
The Korea Bio Association, the organization that helps the global business of the Korean bio industry, is also located in Pangyo Techno Valley, helping biotech companies to enhance their competitiveness.
Pangyo Techno Valley in Gyeonggi Province is expected to serve as a bridgehead for the growth of Korea’s bio industry and secure its global competitiveness.