It has performed research & development and public infrastructure services in chemistry and related convergence technologies.

In January 1999 its affiliation changed to the Ministry of Science and Technology under the Office of the Prime Minister.

In March 2000 it was an establishment of the Korea Chemical Bank, and in January 2001 the organization name was hanged to KRICT.

The division strengthens national industrial competitiveness and enhances quality of life through the development of advanced materials technology for IoT devices and off-grid energy conversion and storage.

The division secures new drug pipelines by driving innovation in fundamental technologies, achieves medical innovation, and improves quality of life by developing technology for the treatment and control of infectious and rare diseases.