Surprised by Generous Support... National Institute for Korean Medicine Development to Provide 80 Million Won for Korean Medicine Product Development

From IND Approval to Prototype Advancement
Comprehensive Support Across All Sectors of the Korean Medicine Industry

The National Institute for Korean Medicine Development is set to fully launch the "Establishment of a Full-Cycle Support System for the Korean Medicine Industry" project, aimed at providing comprehensive support for the development and industrialization of Korean medicine products.

Poster for Korean Medicine Company Support Contest.

Companies wishing to participate in this project can apply through an open call from February 10 to February 28. Selected companies will receive intensive, customized support programs covering the entire industrialization process, from product development to commercialization, clinical trials, and advancement.

The support areas include four categories: ▲Korean herbal formulations ▲Korean medicine convergence ▲Applied products utilizing Korean medicine ▲Demonstration of Korean medicine medical devices. A total of 15 projects will be supported. Companies may participate independently or form a consortium with universities, research institutes, or medical institutions.

The institute will select the companies to support through document and presentation evaluations, comprehensively assessing the feasibility of the development plan, technological development capabilities, and the potential for producing results.

Selected companies will receive up to 80 million won in funding (excluding self-financing). Benefits include ▲non-clinical or clinical support for IND approval ▲advancement of prototypes ▲clinical trial verification and usability assessment of completed products or prototypes ▲support for revitalizing the regional Korean medicine industry, among others.

Detailed information regarding the project call can be found on the website of the National Institute for Korean Medicine Development.

Park Taesoon, Director of the Industrial Growth Support Center at the National Institute for Korean Medicine Development, stated, "We will spare no effort to support Korean medicine companies to become leaders in future industries, including customized support utilizing our outstanding personnel and network."

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