President Moon Jae-in announced in May that the government would designate the biohealth industry as one of the three new sectors for future growth, help the industry account for at least 6 percent of the global pharmaceutical and medical device market share by 2030, achieve $50 billion biohealth exports, and nurture the sector as one of the five major export industries.
The announcement came during his visit to Osong, North Chungcheong Province, which has a cluster of biotech research firms.
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