Project background

Current issues in the global genomic bioindustry

The GenomeFi Foundation aims to tackle the following five challenges in the genomic bioindustry by mass adoption of blockchain technology and the Web3 ecosystem to enable sustainable management and innovative growth.

Challenges in the modern genomic bioindustry

• Barriers to entry due to technological complexity

• Complex terminology

• Barriers due to high healthcare costs

• High R&D costs

• Difficulties in collecting genomic information

The genomic bioindustry is growing rapidly around the world. It is being recognized as a future growth engine industry due to increasing public interest in health and high industrial-added value, and the industry is growing rapidly, especially in developed countries. It has been designated as a national strategic project and is promoting various policies such as R&D, infrastructure, and support systems.

International cooperation and market openness are needed to strengthen the growth of the bioindustry and its competitiveness in the global market. They are also necessary to promote cooperation among various domestic and foreign research institutes, companies and governments, and expand opportunities for technology export and overseas expansion. In particular, policy support must be given to inspire the entry and growth of start-up companies.

Barriers to entry due to technological complexity

The healthcare and biotech industries are technologically complex sectors with very high barriers to entry. In particular, new medical and biotechnologies need to be highly specialized and require advanced scientific knowledge and technical skills to interpret and develop.

Complex terminology

The medical and biofields are full of specialized and technical terms. These terms are commonly used among professionals, such as doctors, scientists, and technicians, which makes them unfamiliar and difficult to understand for the general public.

High entry barriers due to high healthcare costs

The high cost of labor and the use of expensive medical equipment and advanced technology by specialists can put pressure on household finances and prevent people from getting access to healthcare.

High R&D costs

Developing a new drug or medical device involves large amounts of research and massive development budgets. These costs can often run into tens to hundreds of millions of dollars, a significant burden for companies.

Difficulties in collecting genomic information

Costs for collecting genomic information vary by genetic testing organization, with very high cost and technological barriers in countries with low-GDP countries. Aside from cost, even basic issues like how to contact testing organizations exist, even though public interest in personal health is often high in these countries.