'Bio New Business Challenge' POSCO Inter, Animal Vaccine Export

POSCO International announced on the 24th that it has successfully exported a pig pneumonia vaccine to NAVETCO, Vietnam's largest animal vaccine company. The product is 'InnoMHP,' an epidemic pig pneumonia vaccine developed by the domestic venture company InnoVac, sufficient for approximately 100,000 pigs.

InnoVac is a venture company established in 2016 by Professor Han Tae-wook of Gangwon National University College of Veterinary Medicine and researchers. It possesses new technology capable of simultaneously protecting against infectious diseases such as pig pneumonia and Circovirus. InnoVac's animal vaccines have been patented in the United States and Europe and have received product approval in Vietnam.

This is the first time POSCO International has exported animal vaccines. POSCO International explained that this achievement is the result of recognizing the next-generation animal vaccine manufacturing technology of InnoVac and the market potential of swine vaccines, supporting a win-win cooperation fund, and jointly promoting overseas marketing.

According to Business Research Company, the global pig vaccine market is expected to grow annually from $1.99 billion this year to $2.7 billion by 2027. The annual damage to farms worldwide caused by pig diseases amounts to 2.5 trillion KRW.

POSCO International plans to strengthen cooperation with InnoVac to lead the global animal vaccine market. Taking this export as an opportunity, it intends to promote exports not only to Vietnam but also to neighboring China. Additionally, it will continue its existing collaboration with BioApp, in which it secured shares through a 5 billion KRW investment last year. BioApp is a small and medium venture company with plant protein platform technology.

A POSCO International official stated, "We will continue to become the spearhead of the group's eco-friendly future materials by building a value chain across the entire bio business," adding, "We will actively promote financial support through win-win cooperation funds for small and medium venture companies as well as overseas marketing cooperation."

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