220615 KIOM to Promote the Korean Medicine Industry Again This Year

13 Companies to Receive Up to KRW 100 Million
in Demand-Tailored Product Development Support

[Minjok Medicine Newspaper = Reporter Chun-ho Kim] In an effort to advance the Korean medicine industry, the Korea Institute for Advancement of Korean Medicine (KIOM) has once again launched support initiatives this year for companies developing herbal medicine formulations and Korean medicine medical devices.

The Korea Institute for Advancement of Korean Medicine (KIOM, President Chang-hyun Jung) announced on the 14th that it has selected 13 companies through the call for proposals for the “Advanced Support Program for the Korean Medicine Industry,” which provides up to KRW 100 million per project, with a private sector contribution of 10–50%.

Now in its second year following last year’s launch, the program has expanded its support areas to enable broader participation by companies by reflecting convergence between Korean medicine and other industries, as well as key industries promoted by local governments. In addition to support leveraging KIOM’s internal capabilities, policy support necessary for product development has been strengthened through parallel technical assistance from external specialized institutions.

KIOM decided to provide support based on comprehensive and objective evaluations conducted by external experts, assessing factors such as the feasibility of technical support, the commercial potential of the products, and the suitability of the applicant institutions among companies that applied between March 18 and April 13. The selected projects include ▲ 4 herbal medicine formulation projects ▲ 5 Korean medicine medical device projects ▲ 2 Korean medicine convergence projects ▲ 2 new material projects utilizing herbal resources. The selected companies include region-based enterprises located in Daegu Metropolitan City and Gyeongsangbuk-do, as well as pharmaceutical and startup (venture) companies from across the country, and support will be provided within this year following the conclusion of final mutual agreements.

The selected companies are Dongje Medical Co., Ltd., Medipresso Co., Ltd., Bonplus, B-Nature Biolab, BICHEDAM Co., Ltd., B2Lab Co., Ltd., HN Novatech Co., Ltd., FCU Co., Ltd., Optowell Co., Ltd., KobiBio Co., Ltd., Pohang Bio Park, Han Nature, and Human Herb Co., Ltd.

President Chang-hyun Jung stated, “By actively leveraging the research achievements, infrastructure, and outstanding human resources accumulated over the years, we will spare no effort in supporting the development of new technologies and products by Korean medicine–related companies, as well as their advancement toward industrialization.”

Source: Minjok Medicine Newspaper(https://www.mjmedi.com/news/articleView.html?idxno=54905)