Searching for new, promising businesses to propel their continued growth in the future, South Korea’s leading conglomerates have arrived at a common destination — biotechnology.

Korea’s top tech giants Samsung Group and LG Group, alongside telecom-focused SK Group, have all set sights on biotechnology as a promising business of the future and are swiftly moving to drive up their presence in the field with hefty investments.Biotechnology, which has applications across multiple industries, refers to the use of genetic engineering and molecular biology to modify living cells to produce novel substances that perform new functions.

The three conglomerates have focused on a specific sub-field of biotechnology known as “red biotechnology,” which harnesses the science of genetics to develop and produce various forms of cell-based biologic drugs and substances.