Revision of biotechnology support act for accelerating the bioeconomy

Abstract

The Biotechnology Support Act has provided a legal basis for promoting the biotechnology field as the highest legal authority in the biosciences since its enactment in 1983, and has contributed to enhancing Korea’s biotechnology research and development (R&D) capabilities and to revitalizing bioscience ecosystems by establishing policies for supporting biotechnology, expanding the government research and development, and promoting industrial applications. The revised bill of the Biotechnology Support Act is the law that reflects changes in the technological and social environment and that provides a legal basis for practical support of government policies such as total periodic research support, commercialization empowerment, and creation of an innovative research environment, and it will come into effect in November, 2020 after a six-month grace period. The main contents of the revised bill are 1) increasing status as a general norm in the biotechnology field, 2) establishing data evidence-based policies, 3) inducing biotechnology innovation, and 4) promoting regulatory science, especially research and development. This revision has been reorganized in a timely manner in accordance with the current technological advancements, changes in society and environment, and both quantitative and qualitative growth of the domestic bioscience ecosystems and its competitiveness are expected by systematic supports and promotions of the government during the whole period in terms of research and development (R&D) as well as business and industrialization.