Wants To Be The Main Producer Of COVID-19 Vaccines In 2025, South Korea Budgets IDR 27.4 Trillion

Illustration of research on the development of a COVID-19 vaccine. (Wikimedia Commons/Maryland GovPics)

JAKARTA - South Korea plans to invest 2.2 trillion won or about 1.9 billion United States (US) dollars, equivalent to Rp. 27,444.550 million to become one of the five largest COVID-19 vaccine manufacturing bases in the world by 2025. .

This statement was made directly by his President Moon Jae-in at a meeting of the public-private committee, which was set up to explore ways to increase vaccine production amid global supply shortages and shipping delays, the Presidential Office said Thursday.

President Moon said he would designate a COVID-19 vaccine as one of the three national strategic technologies, along with semiconductors and batteries, aimed at boosting investment, providing tax breaks and offering other incentives to help companies localize materials, parts and equipment. .

"We will strive to take a leap forward to become one of the top five global vaccine manufacturers by 2025," President Moon Jae-in explained at the meeting.

"This project aims to nurture about 200 new medical scientists, 10,000 clinical trial professionals and 2,000 bio-production workers every year," continued President Moon.

Meanwhile, Health Minister Kwon Deok-cheol said the funds would also be used to support domestic vaccine development, including securing original technology for mRNA products.

Seven local drug manufacturers will launch the third phase of their respective clinical trials in the second half of this year, starting with SK Bioscience (302440.KS) in August, Kwon said.

Illustration of a COVID-19 vaccine. (Wikimedia Commons/Agência Brasília)

"Currently the leading candidate is a protein-based vaccine (SK Bioscience), which we will distribute for general use early next year," Kwon explained at the briefing.

"Local companies also formed an mRNA vaccine consortium in June, with the aim of developing a Korean vaccine by the end of next year," Kwon said.

To realize this dream, President Moon said he is trying to continue to expand international cooperation, by forging vaccine partnerships with Germany, the UK and other countries, as well as bringing in foreign investment and companies.

President Moon said he and U.S. President Joe Biden agreed to forge a partnership that combines U.S. vaccine expertise with South Korean production capacity during their bilateral meeting in May.

The panel includes medical and vaccine experts, venture capitalists to drugmakers including SK Bioscience, Samsung Biologics, ST Pharm and Ecell.

To note, President Moon has made driving vaccine production a top priority for the remainder of his term, which ends in March, facing pressure at home over the fourth wave of COVID-19 and a slowing immunization campaign.