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 Monday 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 of hundreds of billions of won from a foreign pharmaceutical company.
Under the agreement, Roche will conduct global clinical trials in South Korea focusing on high-prevalence and intractable diseases as well as advanced biopharmaceuticals. The company also plans to support R&D talent development and identify promising biotech firms through open innovation initiatives.
The partnership was initiated by Roche. The Swiss drugmaker, which had been exploring options for establishing an Asian clinical trial hub, reportedly approached Korea first after highly evaluating the country's clinical trial capabilities.
"Korea is recognized by global pharmaceutical companies for its fast patient recruitment and high data quality," a ministry official said. "A key strength is the high training level of clinical trial personnel, including research nurses, which enables stable data production."
The government aims to develop South Korea into a global clinical trial hub in Asia through this agreement. Health Minister Chung Eun-kyung said, "We expect this to elevate Korea's clinical trial competitiveness while supporting the rapid growth and global expansion of promising domestic bio-health companies."