Government Aims to Secure COVID-19 Therapeutics This Year and Vaccines Next Year

"Emergency Support of Over 100 Billion Won for Clinical Trials to Accelerate Development"

[Image source=Yonhap News]

[Asia Economy Reporter Cho Hyun-ui] The government announced that it will develop and secure treatments for COVID-19 within this year and vaccines by next year.

The Pan-Governmental Support Group for COVID-19 Treatment and Vaccine Development held its third meeting on the 3rd at the Westin Chosun Hotel in Jung-gu, Seoul, stating, "We plan to fully support promising companies with the goal of securing domestic COVID-19 treatments within this year and vaccines by next year, and to pool capabilities together with industry, academia, research institutes, and hospitals."

Co-head Park Neung-hoo, Minister of Health and Welfare, said in his opening remarks, "We will develop COVID-19 treatments and vaccines as quickly as possible," adding, "Under national responsibility, even if we are not the first in the world, we will develop treatments and vaccines to the end and use this as an opportunity for Korea's biohealth industry to leap forward."

To this end, the government plans to urgently support more than 100 billion KRW needed for clinical trials in the second half of the year through the third supplementary budget. Additionally, it will promote expanding stockpiles of essential quarantine supplies needed to strengthen quarantine response, enhancing competitiveness of domestic medical devices, securing overseas treatments and vaccines, and strengthening mid- to long-term infectious disease research institutions.

Co-head Choi Ki-young, Minister of Science and ICT, said, "I hope that comprehensive measures utilizing all resources, including increased R&D investment, establishment of specialized virus research institutes, strengthened research support services for companies, regulatory improvements, and human resource development, will demonstrate their effectiveness."

Minister Choi emphasized, "The most important asset we have secured through this COVID-19 response is the know-how accumulated across various fields such as industry, academia, research, and hospitals," adding, "The experience of public-private cooperation in a short period covering the entire process from developing infection disease-tailored diagnostic devices to screening and efficacy verification of treatment and vaccine candidate substances, and clinical trials is invaluable."

He continued, "Going forward, to respond more quickly and efficiently to future second and third infectious disease crises, we will strengthen support for basic and fundamental virus research," and stated, "I hope that the development of COVID-19 treatments and vaccines will not end simply there but will serve as an opportunity to elevate Korea's bio R&D capabilities and industry to the next level."

This content was produced with the assistance of AI translation services.