South Korea promotes use of artificial intelligence in drug development

ISTANBUL

South Korea is promoting the use of Artificial Intelligence (AI) in drug development, local media reported.

Economy and Finance Ministry officials discussed the promotion of AI on the matter with leading private companies on Thursday amid intensifying global competition in the bio-health sector, according to the Seoul-based Yonhap news agency, citing the ministry.

The global AI biotechnology market is expected to grow more than 19% annually, amounting up to $7.75 billion by 2029.

South Korea currently has the third-highest AI bio-related patent applications in the world.

"AI is rapidly permeating the entire biotechnology industry," Yonhap quoted the Finance Ministry as saying.

"It is emerging as a core technology across areas, such as new drug development, protein structure prediction and design, and gene therapy," it added.

AI-powered drug development is spearheading the traditional drug research and development process with the possibility of reducing the timeline to six to nine years from 10 to 18 years, the ministry said.