S. Korea to foster radiopharmaceuticals industry for exports by 2035: Science Ministry

Seoul, Nov 7 (IANS) South Korea aims to fully self-supply radioactive isotopes by 2030 as part of efforts to foster the local radiobiology industry and begin exporting radiopharmaceuticals by 2035, the science ministry said on Thursday.

"We have devised a strategy to spearhead into the global radiopharmaceuticals market by improving domestic production capabilities of radioactive isotopes and securing infrastructure for new drug development," First Vice Science Minister Lee Chang-yune said, Yonhap news agency reported.

Under the strategy, the government will create a national isotope program to develop technologies and build infrastructure to produce and supply radioactive isotopes for medical purposes independently by 2030, according to the Ministry of Science and ICT.

The ministry said the roadmap will help the country become a first mover in the global radiation biology market, which has been growing rapidly in recent years on expectations the technology could help treat cancer.

To this end, the government will support the development of technologies for medical isotopes, such as Lutetium-177 and Molybdenum-99, and advance the existing proton accelerator and research reactor.

It will also assist with research projects in the field to develop at least three novel drug candidates and export radiopharmaceutical products by 2035.

The country will also form industry clusters across the country, including a new drug development centre in Seoul and an isotope cluster in the southeastern region.

Meanwhile, the country's Ministry of Trade, Industry and Energy on Thursday hosted a networking event to help medical device companies find potential investors and commercialise their cutting-edge technologies.

The Korea Medical Device Development Fund (KMDF) Matching Day was held in Seoul, offering one-on-one meeting opportunities between 26 medical instrument companies and 27 investors, according to the Ministry, Yonhap reported.

The KMDF was launched in 2020 to consolidate various medical instrument-related policies across the industry, science, and health ministries.

In 2023, the KMDF helped three companies secure investments totaling 6.5 billion won ($4.63 million) through the annual event.

--IANS

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