Researchers and organizations developing new drugs may benefit from free consulting services provided by the government if selected through an application process starting Oct. 23, the Ministry of Health and Welfare said Wednesday.
The Consulting for Innovation Drug Development (CIDD) project aims to develop new drugs and increase the competency of the domestic pharmaceutical and bioindustry, the agency said.
An advisory panel composed of experts recommended by nine R&D institutions will provide customized consulting services to researchers free of charge, the ministry said. Selected applicants will receive services through all stages of new drug development from discovery to clinical trials, according to the ministry.
Subsidies will cover the consulting costs, it added.
Any academic, governmental, private or public institutions, pharmaceutical companies and bio ventures developing new drugs can apply for the services from Oct. 23 to Nov. 10. Consulting will begin in mid-December for those selected.
Applicants should submit the contents of their R&D project, and the advisory panel will evaluate them. They can find more information by contacting Korea Biomedicine Industry Association (044-202-2970) and Korea Drug Development Fund (02-6379-3076).
Developing a new drug takes an average of 13.7 years with the success rate being around 3 percent in the pre-clinical stage, 5 percent in phase 1 clinical trials, 12 percent in phase 2, and 54 percent in phase 3. Researchers focusing on developing new or innovative drugs receive consulting services to reduce the time of development and increase chances of success.
“The government is focusing on developing the growth of pharmaceuticals and bio ventures as a national project and is propelling various supporting policies to do so,” said a Korea Biomedicine Industry Association official. “This pilot project is aimed to increase the possibility of developing global new drugs, and we hope many apply for the program.”
He went on to say, “We will analyze the performance of the pilot project to make it an official one.”
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