The Korean government will provide comprehensive support for the health industry and promote collaboration with international organizations to realize its goal of becoming a global vaccine hub, a top official said Wednesday.

At the Global Bio Conference organized by the Ministry of Food and Drug Safety, You Joo-hun, head of Global Vaccine Hub Office at the Ministry of Health and Welfare, made these and other points while unveiling the ministry’s concrete plans on how to promote the country’s vaccine developments and production.

You said that the government’s foremost goal is to develop the first homegrown vaccine that can be administered to the public as soon as possible. He added that the government also seeks to develop various vaccine platforms to respond to future pandemics.

The assistant ministerial official noted that eight Korean pharmaceutical companies are developing Covid-19 vaccines.

“Among them, SK Bioscience entered phase 3 clinical trials of its Covid-19 vaccine on Aug. 10 and is developing without any setbacks,” You said.

He acknowledged that Korea still lacks experience in developing vaccines against the pandemic, such as the Covid-19, but vowed to build a milestone to quickly respond to possible pandemics in the future on the occasion of the global pandemic.

He emphasized that the country will also support domestic companies to enter phase 3 clinical trials as they are the last and most significant step in developing vaccines. In addition, health authorities plan to establish a system that can foster clinical trials to show a higher success rate, recruitment of participants, and expansion to global trials.

Aside from supportive systems, Korea will expand cooperation for global vaccine productions. The country aims to establish a system that can supply vaccines with excellent production capacity.

You also pointed out that the nation would promote more vaccine partnerships with other countries, like the one formed between Korea and the United States.

According to You, the government is also strengthening cooperation with private companies and international organizations, such as the World Health Organization (WHO), Coalition for Epidemic Preparedness Innovations (CEPI), and Global Alliance for Vaccines and Immunization (GAVI).

"Vaccine development will be national strategic technology from the second half of this year, and the government will provide various benefits, including tax credits, for private drugmakers," You said. "Also, we will expand support for small- and medium-sized enterprises (SMEs), which lack in development technologies."

You pointed out that the country must contribute to global health security by developing various vaccines. To accomplish the goal, Korea will prepare for future infectious diseases, develop vaccine technology, and focus on high-value-added vaccines that have recently been spotlighted.

"Starting from 2022, the government will form a 1 trillion won ($850 million) fund to support companies capable of developing vaccines," You said. "The nation’s vaccine industry is limited to meeting domestic demands currently, but we plan to support homegrown vaccines to jump into the global market."