Korea Eximbank thinks about special fund to nurture medical and pharmaceutical sectors

By Lim Chang-won Posted : April 6, 2020, 17:14 Updated : April 6, 2020, 17:41

[Courtesy of Korea Eximbank]



SEOUL -- Buoyed the growing popularity of reagents and diagnostic devices used for South Korea's anti-epidemic fight, a state credit agency proposed the creation of a special fund aimed at strengthening the global competitiveness of South Korean companies in the medical and pharmaceutical sectors.

The Korea Eximbank said it would recruit operators of a fund to be created with an initial investment of fewer than 100 billion won ($81 million). Of the investment, the bank would allocate 25 billion won to a separate fund specialized for venture companies. The fund's final size would total more than 400 billion won.

"Even in the pandemic situation caused by the spread of COVID-19, South Korea's excellent diagnostic technology and medical system are receiving attention from all over the world," Korea Eximbank chairman Bang Moon-kyu said. "We hope this will facilitate investment in the medical and pharmaceutical industries that are promising for overseas expansion so that our companies can pre-empt the global market."

The bank said the fund would focus on promoting exports of vaccines, gene therapy, medical systems, diagnostic kits, reagents and advanced medical devices as well as overseas investment and business.

The producers of reagents and diagnostic kets in South Korea are swamped with a flurry of orders from other countries, along with inquiries into medical equipment and systems.

 
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