Seoul: 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 Anadolu Agency, the Seoul-based Yonhap news agency, citing the ministry, reported that the global AI biotechnology market is expected to grow more than 19% annually, amounting to $7.75 billion by 2029. South Korea currently holds the third-highest position in AI bio-related patent applications worldwide.

"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.

The ministry emphasized that AI-powered drug development is transforming the traditional drug research and development process by potentially reducing the timeline from 10 to 18 years down to six to nine years.