Eli Lilly to Invest 740 Billion Won in Korean Pharmaceutical and Biotechnology Industry Over Five Years

MOU Signed with Ministry of Health and Welfare to Promote Public Health

Supporting Promising Biotech Growth and Expanding Cooperation on Global Clinical Trials

Global pharmaceutical company Eli Lilly will invest approximately 740 billion won in South Korea over the next five years.

The Ministry of Health and Welfare announced on March 9 that it had signed a Memorandum of Understanding (MOU) with Eli Lilly and Company at the Nine Tree Premier Rokauss Hotel in Seoul for the "Advancement of the Pharmaceutical and Bio Industry and Promotion of Public Health in the Republic of Korea."

This MOU was signed to align the government's goal of making South Korea one of the world's top five global bio-pharmaceutical powerhouses with Eli Lilly's mission to rapidly deliver innovative medicines to patients worldwide, and to strengthen the innovation ecosystem of Korea's pharmaceutical and bio industries.

Through this agreement, Eli Lilly plans to invest a total of 500 million dollars (approximately 740 billion won) over the next five years starting this year, and will strategically cooperate with the government to support the enhancement of capabilities and global competitiveness in Korea's pharmaceutical and bio industries.

Specifically, Eli Lilly will promote open innovation with domestic pharmaceutical and bio companies by establishing its global bio-venture incubating platform, "Lilly Gateway Labs," in Korea, expand the attraction of clinical trials, and contribute to establishing a research environment that meets global standards. In addition, the company plans to gradually expand the scope of cooperation by focusing on major initiatives, such as promoting social contribution activities to improve the health of medically underserved populations.

Both parties will continue to operate a joint working group to further strengthen Korea's pharmaceutical and bio innovation ecosystem and expand global clinical trials.

Minister of Health and Welfare Jeong Eun-kyeong stated, "This agreement will be a meaningful opportunity to strengthen the innovative capabilities of Korea's pharmaceutical and bio industries and accelerate the development of innovative new drugs and the enhancement of global competitiveness by promising domestic companies."

Patrick Johnson, President of Lilly International, commented, "We hope this agreement will help South Korea grow into a global leader in the pharmaceutical and bio industries and contribute to improving access to innovative medicines, patient care, and public health."

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