A A A

Promoting innovation in Korea

March 13, 2009

Commercializing oriental medicine

Commercializing oriental medicine

The current economic crisis has forced industrialized countries to reconsider their future economic strategies. South Korea, for example, a country with a developed manufacturing industry, is looking into promoting economic growth through innovation in new areas such as medicinal products and nanotechnologies.

The Korean government is preparing the legal framework to assist with promoting innovation through the Industrial Education Promotion and the Academy-Industry Cooperation Promotion Act, to be passed in the National Assembly next month.

Based on this new legislation, three of the top Korean universities, the Kyunghee University, the Korea University and the Dongguk University, will establish technology holding companies, with the mandate of commercializing new technologies produced within the academic research environment. The three universities will contribute 13.7 billion KRW ($11.6 million CDN) in the holding companies.

This new holding companies will initially target oriental medicine pharmaceutical companies, but also will investigate OLED applications and various nanotechnologies.

This sounds familiar…

Tags: , , , ,

George Botos @ MaRS

avatar
George is a Schulich MBA student working at MaRS as a Market Research Analyst in Healthcare/Biotech for the Market Readiness Program.

More by this author

Get More From MaRS

Facebook Twitter Vimeo Flickr

MaRS Charitable Registration Number
876682717 RR0001

MaRS NEWSLETTERS

Please enter your email address to subscribe to our newsletter