President Moon: "Leap to a 'Top 5 Vaccine Powerhouse' by 2025... 2.2 Trillion Won Invested Over 5 Years" (Comprehensive)

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] President Moon Jae-in presented a vision to leap into one of the 'Top 5 Global Vaccine Powers' by 2025, announcing plans to invest 2.2 trillion KRW over five years to develop vaccines as one of the 'three major national strategic technologies' alongside semiconductors and batteries. He particularly emphasized securing 'domestic vaccines' to ensure vaccine sovereignty.

On the 5th, President Moon held the 'K-Global Vaccine Hub Vision and Strategy Report Meeting' at the Blue House, stating, "We will strongly promote the 'Global Vaccine Hub' as a national strategy to contribute to overcoming the common infectious disease crisis of humanity."

President Moon said, "By 2025, we will leap into the 'Top 5 Global Vaccine Production Powers,'" adding, "The government has selected vaccines as one of the 'three major national strategic technology' fields alongside semiconductors and batteries and plans to invest 2.2 trillion KRW over the next five years." In this regard, tax support for research and development and facility investment will be significantly expanded, and production and technology of essential materials, parts, and equipment will be localized.

He also expressed optimism about the commercialization of 'domestic vaccines.' President Moon stated, "A domestically developed COVID vaccine by a Korean company is expected to enter Phase 3 clinical trials this month, and the commercialization of the first domestic vaccine is anticipated by the first half of next year," adding, "Development of next-generation mRNA vaccines is also accelerating."

He continued, "The government will support the costs necessary for clinical trials for the rapid development of domestic vaccines and operate a multifaceted support system including localization of raw materials and components and patent analysis support," instructing, "The 'Global Vaccine Hub Promotion Committee' must ensure the development of mRNA vaccines, even if delayed, taking this opportunity."

[Image source=Yonhap News]

He also expressed determination to create a vaccine industry ecosystem. President Moon said, "We will nurture more than 200 new medical scientists annually, 10,000 clinical trial specialists, and 2,000 bio-production specialists per year to foster talent in the biopharmaceutical industry," emphasizing, "We will establish a K-Bio Lab Hub and designate advanced investment zones to provide various incentives."

In addition to the global vaccine partnership agreed upon at the Korea-US summit, there are plans to expand partnerships with countries such as Germany and the United Kingdom. President Moon emphasized, "We will strengthen communication and cooperation with international organizations like the World Health Organization (WHO), global vaccine research institutes, and companies," adding, "We will activate foreign investment and attract global companies to lay the foundation as a global vaccine hub."

President Moon’s emphasis on domestic vaccines and global vaccine hub development stems from the recognition that producing sufficient quantities of vaccines is the fundamental solution to overcoming COVID-19. He stated, "The global vaccine shortage continues, and the disparity in vaccine distribution between countries is severe, with many low-income countries facing difficulties in completing vaccinations even by next year, deepening vaccine inequality," emphasizing, "Ultimately, the fundamental solution to the problem must be to dramatically increase vaccine supply."

President Moon said, "We possess world-class biopharmaceutical production capabilities and are currently producing and supplying four types of COVID vaccines recognized globally for safety and efficacy," concluding, "Now is the right time to boldly challenge ourselves toward becoming a global vaccine hub."