NewMed Designated as 'Outstanding Corporate Research Institute for the Second Half of 2021' by the Ministry of Science and ICT

[Asia Economy Reporter Hyungsoo Park] NewMed, a natural product research and development company, announced on the 9th that it has been designated as an Excellent Corporate Research Institute in the '2021 Second Half Excellent Corporate Research Institute' contest hosted by the Ministry of Science and ICT and the Korea Industrial Technology Association.

The award ceremony for the Excellent Corporate Research Institute designation will be held on the 23rd at The-K Hotel in Yangjae-dong, Seoul. The '2021 Second Half Excellent Corporate Research Institute' is a government initiative to foster corporate research institutes with outstanding research and development (R&D) capabilities that create value through technology commercialization or have excellent research capabilities.

NewMed is a bio-specialized company that researches and develops the functionality and safety of natural products used as materials for health functional foods, cosmetics, and prescription drugs. NewMed's Central Research Institute was recognized for its natural product material exploration technology based on iMED, a proprietary food and drug research and development platform.

As an excellent research institute, NewMed will receive various benefits from the government for three years, including preferential participation in national R&D projects and support for technology finance. The designated institute will also receive a certificate and a plaque in the name of the Ministry of Science and ICT. The government supports corporate promotion and provides additional points when participating in national R&D projects.

Based on its proprietary research and development platform called iMED, NewMed has obtained approval from the Ministry of Food and Drug Safety for five individually recognized functional ingredients, including HT042, a complex containing Astragalus extract for 'children's height growth,' and HT074, a complex containing Paeonia extract for 'stomach health.'

NewMed is conducting research on more than ten new functional ingredients, including developing a prostate health functional ingredient as a government national project. CEO Heewon Kang said, "The systematic research and development efforts of the company and the research institute seem to have led to the designation as an excellent corporate research institute," adding, "We will contribute to realizing universal public health."

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