Government Pushes to Secure COVID-19 Vaccines for 30 Million People (Update)

60% of the Population Vaccination Volume... 172.3 Billion Won Secured for Advance Purchase Contract

[Asia Economy Reporter Seo So-jung] The government is set to secure COVID-19 vaccines sufficient for approximately 30 million people. Initially, it will secure doses for 10 million people through the multinational coalition COVAX Facility (COVAX), and plans to acquire an additional 20 million doses through negotiations with global companies.

On the 15th, the government announced at the Cabinet meeting chaired by the Prime Minister that it will secure vaccines for about 30 million people, equivalent to 60% of the population, as the first phase of the 'COVID-19 Vaccine Introduction Plan.' Considering future supply trends and domestic vaccine development status, the government plans to gradually proceed with a second phase of vaccine procurement to cover more than 60% of the population.

First, the government will secure about 10 million doses (20 million doses) of vaccines through participation in COVAX. COVAX is a multinational coalition led by the World Health Organization (WHO), the Coalition for Epidemic Preparedness Innovations, and the Global Alliance for Vaccines and Immunization, aiming for equitable vaccine supply to 20% of the global population by the end of 2021.

To ensure smooth vaccine procurement, the government has arranged for the Korea Disease Control and Prevention Agency to execute a budget of 172.3 billion KRW for advance purchase contracts. Participation in COVAX requires an advance payment of $3.5 per dose. A Ministry of Health and Welfare official stated, "Due to the impact of COVID-19, the Ministry's unexecuted budget was transferred in advance to the Korea Disease Control and Prevention Agency before its establishment."

To participate in COVAX, the government submitted a letter of intent to join the Global Alliance for Vaccines and Immunization, which is responsible for vaccine supply, on the 31st of last month. By the 18th of this month, a legally binding confirmation will be submitted, and the advance payment will be made by the 9th of next month.

For the remaining 20 million doses (40 million doses), the government plans to secure additional vaccines through advance purchase agreements via negotiations with global companies. The selection of vaccines for advance purchase will be based on expert opinions considering factors such as safety and efficacy review results, price, platform, and supply timing.

The government stated, "In addition to pursuing the purchase of globally developed vaccines, support measures for domestic vaccine development by Korean companies are also being steadily implemented." Last month, it announced plans to support clinical trial costs for three domestic vaccine developers, including SK Bioscience, and to alleviate difficulties during clinical trials such as patient recruitment by establishing a National Infectious Disease Clinical Trial Support Center and operating a Corporate Difficulties Resolution Center to provide ongoing support for corporate challenges.

Minister of Health and Welfare Park Neung-hoo said, “We will do our best to secure safe and highly promising vaccines by mobilizing all government capabilities,” and added, “We will also make every effort to ensure that domestic vaccine development proceeds without setbacks.”