South Korean government holds a consultative meeting with private sector stakeholders to promote the use of artificial intelligence (AI) in drug development

The meeting brought together officials from the Ministry of Economy and Finance and other relevant government agencies, alongside leading pharmaceutical companies

South Korean government officials met with private sector stakeholders on Thursday to discuss promoting the use of artificial intelligence (AI) in drug development in response to intensifying global competition in the bio-health sector, the Ministry of Economy and Finance said.

The meeting brought together officials from the Ministry of Economy and Finance and other relevant government agencies, alongside leading pharmaceutical companies, including Daewoong Pharmaceutical, Yonhap news agency reported.

As per the Ministry, the discussions were focused on boosting AI-based drug development and promoting effective data usage, with sessions serving as a platform to listen to challenges faced by the pharmaceutical industry and to explore directions for public-private cooperation.

Global AI biotechnology market is projected to grow over 19 per cent annually to reach $7.75 billion by 2029. South Korea currently ranks third globally in the number of AI bio-related patent applications.

“AI is rapidly permeating the entire biotechnology industry,” the finance ministry said. “It is emerging as a core technology across areas, such as new drug development, protein structure prediction and design, and gene therapy.”

The ministry emphasised that countries are now in fierce competition to preemptively secure AI capabilities and apply them effectively in the bio-health field.

In particular, AI-powered drug development is revolutionizing the traditional pharmaceutical research and development process, the ministry said.

Meanwhile, South Korea has reported plans to funnel 60 billion won (nearly $40.4 million) by 2028 to expand infrastructure for the development of materials and components technologies essential for advanced industries, such as AI, Yonhap reported.

According to the Ministry of Trade, Industry, and Energy, the investment will be used to build research facilities and equipment for the development and testing of technologies related to materials and components essential for AI, advanced bio, and other future industries.

In detail, the government will support the construction of infrastructure for the development of core materials for next-generation AI chips, messenger RNA-based drugs, and others, the Ministry said.