Industry Welcomes Formation of K-Bio and Vaccine No.1 Fund as a Rain in the Drought

Pharmaceutical Bio Association Issues Welcoming Commentary

The Ministry of Health and Welfare's initiative to establish the K-Bio·Vaccine No. 1 Fund has been welcomed by the domestic pharmaceutical and bio industries.

Korea Pharmaceutical and Bio-Pharma Manufacturers Association building. [Photo by Korea Pharmaceutical and Bio-Pharma Manufacturers Association]

The Korea Pharmaceutical and Bio-Pharma Manufacturers Association issued a statement on the 9th, saying, "We greatly welcome the Ministry of Health and Welfare's establishment of the K-Bio·Vaccine No. 1 Fund."

Earlier, on the 8th, the Ministry of Health and Welfare announced plans to prioritize the formation of the K-Bio·Vaccine No. 1 Fund, totaling 150 billion KRW, which includes 60 billion KRW from government and policy bank investments and 90 billion KRW from private investments. Last month, they began the priority decision process for the 111.6 billion KRW K-Bio·Vaccine No. 2 Fund, aiming to complete the priority formation procedures for both the No. 1 and No. 2 funds within the year and promptly start investments.

Regarding this, the association stated, "In a situation where many pharmaceutical and bio companies are facing financial difficulties due to the recent economic conditions, the formation of the K-Bio·Vaccine Fund will be like rain in a drought, greatly boosting industrial vitality," adding, "It is expected to serve as a foundation for strengthening competitiveness by promoting technological innovation and job creation within companies."

They continued, "We hope this fund will be intensively invested in clinical trials and other costly processes involved in drug development, acting as a catalyst for the growth of the pharmaceutical and bio industry through the creation of innovative new drugs," and expressed gratitude on behalf of the industry to the Ministry of Health and Welfare officials and related organizations who worked hard to achieve this valuable outcome amid challenging economic conditions.

The association also said, "With recent good news such as large-scale new drug technology exports, the pharmaceutical and bio industry will also accelerate efforts to enhance industrial capabilities," and pledged, "We will do our best to respond to the government's and related agencies' strong commitment to fostering and policy support, so that we can leap forward as a global hub country."