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Competitive Positioning Strategies for South Korean Biotech Companies
Frost & Sullivan, Nov 2003
Increasing Need for Commercialization of Research Outcomes
The development of the biotechnology industry calls for the research output of universities and academic institutes to be identified, patented, and commercialized into successful products and technologies. Commercialization of research requires strong links between the industrial and academic world enabling transfer of knowledge, technology, and human resources. South Korea has not had a history of such interaction, primarily because researchers valued positions in universities and research labs more than those in industry. However, it is becoming increasingly clear that a platform for meaningful interface is needed whereby the industry or private participants concentrate on commercialization and the universities provide the research focus.
This new research is a detailed study of the South Korean biotech markets with an overview of the global as well as the Asia Pacific markets. It discusses major sectors of activity and key factors driving the market and offers competitive positioning strategies.
Strong Government Support with High Investments and Promotional Policies
Government initiatives such as introducing favorable policies and promoting start-ups with support for R&D activities have placed the South Korean biotechnology industry among the fastest growing biotech hubs, says the analyst of this research. Having identified this industry as a significant driver of future economic growth, the South Korean Government has committed substantial resources to its development and implemented various programs such as Biotech 2000 and Vision 2025.
The research infrastructure was also strengthened with numerous institutions set up such as Korea Research Institute for Biosciences and Biotechnology (KRIBB), and Korea Advanced Institute of Science and Technology (KAIST). Several other government-aided academic institutions are carrying out work in basic research and various fields of biotechnology. This government support has started showing results by attracting more investments from private participants, helping smaller start-ups obtain initial financial support, and encouraging industrial-academic collaboration to commercialize research output.
Agricultural and Environmental Biotechnology Sectors Expected to Witness Growth
Industrialization and urbanization in South Korea, leading to increased population and higher pollution levels, have opened up new opportunities in agricultural and environmental biotechnology, says the analyst. Developments in plant biotechnology using tissue culture, recombinant DNA technology, and cell culture have met with immense success. Other commercial successes such as the mass production of virus-resistant crops using recombinant DNA technology have boosted the agbiotech sector in South Korea.
Environmental biotechnology is also gaining prominence as a high-potential niche for this industry. Promising areas in this segment include the treatment of solid wastes, exhaust gas, and the cleansing and conservation of air, water, and soil. Bioremediation is another emerging area that biotech companies can focus on.
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