"Bosanjin Launches Search for Supported Companies to Produce Vaccine and Bio Drug Raw Materials Domestically"

The Korea Health Industry Development Institute announced on the 7th that it is accepting applications for the '2024 Domestic Vaccine and Raw Material Performance Testing Support Project' to support the localization of vaccine and biopharmaceutical raw materials, which have a high global dependency.

[Photo by Korea Health Industry Development Institute]

This project is being conducted to improve the quality of domestic vaccines and raw materials and to strengthen their entry into overseas markets. It focuses on supporting costs required for performance testing and consulting, such as the development of testing methods, testing, analysis, and certification necessary for domestic and international market entry.

The support targets domestic companies involved in the development and production of vaccine and biopharmaceutical raw materials. Recipient companies will be selected through an evaluation by a panel of experts. Additional points will be awarded to companies certified as innovative pharmaceutical companies and to small and venture businesses.

Each company can apply for up to 100 million KRW for external outsourcing costs related to performance testing, and selected companies can receive government subsidies covering 80% for medium-sized enterprises and 90% for small and venture companies, based on the principle of cash contribution for self-funding.

The application period is until the 21st, and companies wishing to participate can submit the required documents via email or postal mail to the person in charge. Related announcements can be found on the Korea Health Industry Development Institute’s website.

Kim Yong-woo, head of the Pharmaceutical and Bio Industry Division at the institute, stated, “For the domestic pharmaceutical and bio industry to leap to a global level, fostering the vaccine and biopharmaceutical raw material industry must come first. Even after the endemic phase (periodic outbreaks of infectious diseases), we will continue to actively expand support areas and fields to establish a foundation for the industrial ecosystem.”