South Korean govt to give tax breaks for local drugmakers to boost R&D
The government of South Korea is planning to offer additional tax benefits to local pharmaceutical companies attempting to develop new drugs, a move aimed at easing the country's growing trade deficit in this area, reports the JoongAng Daily.
During a meeting with local drug company executives last week, Finance Minister Yoon Jeung-hyun said the government will offer tax deductions for efforts related to the development of biomedicines and synthetic medicines to help nurture the nation's 13,000 billion won ($11.1 billion) drug industry.
Sets up $1.7 billion R&D fund
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