Government Launches Expert Panel for Overseas Vaccine Procurement

Formation of the COVID-19 Vaccine Introduction Advisory Committee, First Meeting on the 12th

On the 10th, news related to Pfizer's COVID-19 vaccine was displayed on a dealer's monitor at the Hana Bank dealing room in Euljiro, Seoul. On the same day, the KOSPI opened at 2,453.95, up 6.75 points (0.28%) from the previous trading day. The won-dollar exchange rate opened at 1,118.5 won, up 4.6 won. Photo by Moon Honam munonam@

[Asia Economy Reporters Seo So-jeong and Choi Dae-yeol] The government has formed a consultative body involving relevant experts to discuss the introduction of a novel coronavirus disease (COVID-19) vaccine. This move is interpreted as a response to the growing interest surrounding domestic supply, as the vaccine is expected to be developed overseas before being available domestically.

On the 12th, Yoon Tae-ho, head of the Central Disaster and Safety Countermeasures Headquarters’ quarantine team, stated at a back briefing, "An advisory committee for the introduction of the COVID-19 vaccine will be held this evening," adding, "This is the first committee formed, and standards and procedures related to vaccine introduction will be discussed."

Interest in the COVID-19 vaccine has surged worldwide following the recent announcement of interim results from Phase 3 clinical trials by Pfizer in the United States and BioNTech in Germany. Although the trials have not yet concluded, the companies announced that the vaccine shows high efficacy in preventing the virus in the final stages.

The Korean government is participating in the global vaccine development and procurement project, COVAX Facility, while also negotiating with individual global pharmaceutical companies. The goal is to initially purchase doses for 10 million people through COVAX and an additional 20 million doses through separate negotiations with individual companies. Regarding AstraZeneca, which is progressing rapidly in development, a contract for consignment production has been signed with SK Bioscience, which can develop and manufacture vaccines domestically, making domestic supply possible if development succeeds.

Regarding plans to develop a domestic COVID-19 vaccine and secure overseas vaccines for domestic supply, related committees have been formed and discussions have been ongoing, centered around the Ministry of Health and Welfare, the Korea Disease Control and Prevention Agency, and the National Institute of Health. The separate formation of an advisory committee this time appears intended to conduct in-depth discussions on practical procedures and preparations necessary for the actual supply process as vaccine development approaches. The government stated that it cannot disclose the specific list of experts. It is reported that about 20 domestic vaccine-related experts are participating.

While some countries such as the United States and the European Union are competitively signing advance purchase agreements, the authorities noted that the Korean government seems relatively behind, explaining, "This is a matter with risks, so there are many considerations." Since it involves spending tens of billions of won immediately, it cannot be approached hastily.

Son Young-rae, head of the Strategic Planning Team at the Central Disaster and Safety Countermeasures Headquarters, said, "Advance purchases are being negotiated step-by-step with each pharmaceutical company, but Phase 3 clinical trials have not yet ended, and the efficacy is unknown, so it means paying money to buy the vaccine in advance," adding, "The best approach would be to purchase when some level of safety and efficacy can be confirmed, but due to the urgency in each country, the practice of paying large pharmaceutical companies in advance is proceeding."

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