AstraZeneca said that it has signed a memorandum of understanding with four Korean public and private organizations to enhance the development of the bio-health industry.
The four agencies are the Korea Health Industry Development Institute (KHIDI), the Korean Trade-Investment Promotion Agency (KOTRA), the Korea Biotechnology Industry Organization (KoreaBIO), and Korea Pharmaceutical and Bio-Pharma Manufacturers Association (KPBMA).
The Swedish company signed the MOU during the Korea-Sweden Business Summit in Seoul, which was also attended by Minister of Trade, Industry and Energy Sung Yun-mo and Minister of Health and Welfare Park Neung-hoo.
The collaboration aims to accelerate the innovation of Korea’s bio-health industry and support the Moon Jae-in administration’s objective of increasing Korea’s share in the global biomedical market from the present 2 percent to 6 percent by 2030.
Ultimately, the accord aims to promote Korean public health by improving the conditions for the treatment of Korean patients. The partners will work together in four areas -- R&D, manufacturing, support for Korean biomedical companies that wish to enter foreign markets, and bio-health ecosystem development.
The MOU came after AstraZeneca Chairman Leif Johansson announced to invest $630 million in Korea from 2020 to 2024, to strengthen the nation’s healthcare, innovation, and employment, during the Korea-Sweden Business Summit in Stockholm in June.
The company plans to allocate more than one-third of this investment commitment to biomedical R&D in Korea for the next five-years.
Under the accord, the partners will also work together to strengthen AstraZeneca’s existing clinical and pre-clinical research portfolios in Korea.
The company also plans to conduct open innovation initiatives to promote new drug development collaborations in cardiovascular and metabolic diseases, respiratory diseases, and oncology.
“In collaboration with AstraZeneca, possibilities for active pharmaceutical ingredients manufacturing, medicine manufacturing, and quality control tech transfers will be identified for the local companies,” the company said in a press release. “They will also leverage AstraZeneca’s global network of healthcare innovation hubs and partnerships to promote Korean bio-health innovation and exports.”
The partners will all be able to provide Korean entrepreneurs and researchers with opportunities to access educational programs for talent development and scouting activities, including the critical field of artificial intelligence for drug discovery and development, the company added.
AstraZeneca Chairman Leif also said, “As an industry-leading investor in R&D in Korea and a foreign innovative pharma company designated by the Ministry of Health and Welfare, we feel honored to partner with these esteemed organizations to strengthen innovation in Korea that will enhance the health and wellbeing of the Korean society.”