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South Korea allocated 5.2% of its GDP to research and development in 2024.
BMI said it expects growing public and private research and development (R&D) investments to enhance the global leadership of the Asia-Pacific region in the pharmaceutical sector.
Governments in developed markets such as mainland China, Japan and South Korea are increasing investment to promote an innovative life science ecosystem.
In 2024, South Korea allocated 5.2% of its GDP to R&D, while China and Japan promised 2.4% and 3.3% respectively.
“These investment levels are comparable to those in the United States and the United Kingdom, and are known for their mature pharmaceutical sectors,” the report said.
In addition, the government is investing heavily in state-of-the-art research facilities, science parks and innovation centers to support advanced research.
It added: “For example, China has established biotech hubs, such as Shanghai's Zhangjiang Hi-Tech Park, which has numerous biotech companies and research institutions.”
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