Korean biopharmaceutical companies face dismal outlook

In the early 2000s, Korea was basking in the biotechnology boom thanks largely to advanced stem cell research. Strong government support led many research centers to open up bio-related facilities including cord blood banks. The biotechnology heyday didn’t last long. It was dealt a serious blow when Hwang Woo-suk was found to have fabricated data in his cloning research in 2005.

Recently, ma...