Government Joins Coalition for Epidemic Preparedness Innovations, Contributing $3 Million Annually Until 2022

Virtual Signing Ceremony on the 24th Between Juno Norway Ambassador and the Head of the Coalition for Epidemic Preparedness Innovations

[Asia Economy Reporter Lim Cheol-young] The government has decided to contribute a new $3 million this year to the Coalition for Epidemic Preparedness Initiative (CEPI), which is leading support for the development of vaccines for infectious diseases such as COVID-19.

According to the Ministry of Foreign Affairs on the 25th, Ambassador Nam Young-sook to Norway held a virtual signing ceremony with Richard Hatchett, CEO of CEPI, on the 24th and signed the agreement on behalf of the Korean government. The government plans to contribute $3 million annually to CEPI until 2022 using the International Disease Eradication Fund, an airline ticket solidarity fund.

CEPI is a health specialized organization launched in 2017 to secure funding for the development of vaccines for new infectious diseases, and in relation to COVID-19, it is supporting the development of a total of nine vaccine candidates including Moderna and AstraZeneca. In particular, it is providing $6.9 million (approximately 8.4 billion KRW) in research funding for domestic clinical trials of the COVID-19 vaccine candidate (Inovio), and has also signed a contract with Korean pharmaceutical companies for the use of facilities related to COVID-19 vaccine production.

This decision follows the Korean government's emphasis on the importance of international solidarity and cooperation to overcome the COVID-19 health crisis at occasions such as the World Health Assembly and the United Nations General Assembly.

An official from the Ministry of Foreign Affairs evaluated, "As the importance of safe and effective vaccine development and equitable access is highlighted amid the COVID-19 situation, the government's contribution to CEPI is significant in actively supporting vaccine development and distribution, following the pledge to contribute $10 million to the COVID-19 Vaccine Advance Market Commitment (COVAX AMC) for vaccine support to developing countries."