Mook Hyun-sang Appointed as the First Director of the National New Drug Development Project

[Sejong=Asia Economy Reporter Kwon Haeyoung] Muk Hyunsang, former head of the Pan-Ministry New Drug Development Industry Group, has been officially appointed as the first director of the mega national new drug research and development project, which will invest a total of 2.2 trillion KRW over the next 10 years.

The three ministries?Ministry of Trade, Industry and Energy, Ministry of Science and ICT, and Ministry of Health and Welfare?appointed Muk Hyunsang as the director of the National New Drug Development Project Group on the 4th.

The three ministries began the recruitment process in December last year, conducting eligibility verification, first and second evaluations, and review and resolution by the board of directors of the National New Drug Development Foundation to finally select the inaugural director of the National New Drug Development Project Group.

The National New Drug Development Project supports the entire new drug development cycle from effective and lead compounds to candidate discovery, non-clinical trials, clinical phases 1 and 2, and commercialization. From July this year until 2030, a total of 2.1758 trillion KRW (1.4747 trillion KRW in government funds and 701.1 billion KRW from the private sector) will be invested over 10 years.

The government plans to consolidate the research and development capabilities of related ministries aiming to create global new drugs with annual sales exceeding 1 trillion KRW and to develop domestic new drugs. This is a core government project that will determine the future direction of Korea’s pharmaceutical and bio industries over the next decade.

Director Muk will oversee candidate compound discovery, planning, evaluation, and management of clinical research projects, project group operations, external cooperation such as partnerships with global pharmaceutical companies, and commercialization support, targeting new drug approvals from global regulatory agencies such as the MFDS, US FDA, and European EMA, as well as domestic and international technology transfers.

Muk is an expert with extensive experience and knowledge in new drug development and commercialization, having successfully completed technology transfers with global pharmaceutical companies while serving as CEO of Mediprondivity in 2010. In December 2016, he was appointed as the third director of the Pan-Ministry Full-Cycle New Drug Development Project, the predecessor of the National New Drug Development Project, and contributed to achievements including two new drug approvals and 57 technology transfers until the project ended in September last year.

The official term of the project director is three years, until March 3, 2024. Renewal for an additional two years is possible after evaluation.

Director Muk stated, "Based on the experience and know-how accumulated while managing the previous project group, I will actively invest in early-stage compound discovery," adding, "I will do my best to launch domestic new drugs in the global market."