Friday, May 16th, 2014
SEOUL, KOREA - KT Corp. said on May 15 that it would conduct a joint R&D activity in the area of bioinformatics together with Seoul National University. The two parties have signed an agreement and will establish a bioinformatics center within the university until the end of July. Bioinformatics is an interdisciplinary field that develops methods for storing, retrieving, organizing, and analyzing biological data.
Since the inauguration of Hwang Chang-Gyu as new chairman, KT has actively sought future growth engines in technology fusion areas. The company expected the combination of information technology with biosciences would contribute to enhancing national competitiveness while helping the company's bottom line.
Hwang said, "It is a meaningful occasion for us and Seoul National University as the nation's best scientists pool their capabilities in genetic analysis and application technology to create value and improve competitive edge in bioscience areas.""We aspire to grow the new research center comparable to the Broad Institute in the United States," he added.
The bioinformatics industry is currently growing by leaps and bounds in the United States and China. The annual growth rate of the industry is 31 percent on average, with the global market size estimated to reach US$50 billion by 2017.