Global pharmaceutical giant Roche will invest 710 billion won ($520 million) to conduct major clinical trials for new drug development in South Korea over the next five years.
The Ministry of Health and Welfare announced on the 3rd that it signed a memorandum of understanding with Roche at the Banyan Tree Hotel in Jung-gu, Seoul. This marks the first time the ministry has secured an investment worth hundreds of billions of won from a foreign pharmaceutical company.
Under the agreement, Roche will conduct global clinical trials in Korea focusing on high-prevalence and intractable diseases as well as advanced biopharmaceuticals. The company also plans to support R&D workforce development and identify promising biotech firms through open innovation initiatives.
The partnership was initiated by Roche. The company, which had been exploring options to establish an Asian clinical trial hub, reportedly reached out first after recognizing Korea's competitive advantages in clinical research.
"Korea is recognized by global pharmaceutical companies for its fast patient recruitment and high data quality," a ministry official said. "A key strength is that clinical trial personnel, including research nurses, are highly trained, enabling stable data production."
The government aims to develop Korea into a global clinical trial hub in Asia through this agreement. Health Minister Chung Eun-kyung said, "We expect this will elevate Korea's clinical trial competitiveness while supporting the rapid growth and global expansion of promising domestic bio-health companies."