Korea’s pharma industry group called for the government to provide special support to help local pharmaceutical and biotech companies develop Covid-19 vaccines and treatments on Wednesday.

“While it is necessary to introduce Covid-19 treatments developed by multinational pharmaceutical companies, the rapid development of homegrown treatments and vaccines is an urgent priority for the nation’s health and security,” the Korea Pharmaceutical and Bio-Pharma Manufacturers Association (KPBMA) said.

Homegrown vaccines and therapies are of paramount importance in securing pharmaceutical sovereignty amid the prolonged Covid-19 outbreak and the strengthening nationalism worldwide, as shown by the “vaccine nationalism,” the association added.

The industry group pointed out that the government plans to implement a special act to promote the development and supply of medical products to cope with the public health crisis in July. The new law stipulates the legal basis for fast-track reviews, emergency use approval, and government stockpile. Therefore, there needs to be a concrete financial support plan if the government wants to see any results from the new law, it added.

“The development of Covid-19 treatments and vaccines by local biopharmaceutical companies is progressing considerably,” KPBMA Chairman Won Hee-mok said. “To protect vaccine and pharmaceutical sovereignty, the government needs to provide active support for the creation of local therapeutics, aside from promoting technology transfers from multinational pharmaceutical companies.”