Korea to produce 100 new drug candidates by 2026
28-Sep-17, Business Korea
The Korean government has finalized its biotechnology development plan for the period of 2017 to 2026. According to the plan, the government is going to increase the number of new drug candidates by 100 to 185 in 2026 and help the companies come up with at least five new blockbuster drugs.
%20Business%20Korea.jpg "Korea to produce 100 new drug candidates by 2026 (c) Business Korea")
Image: Business Korea
To this end, the government will invest KRW500 bn (USD450 mn) until 2026 in an open innovation project covering the industry, research institutes, hospitals and the academic community.
In addition, the government is going to raise a mega fund for new drug development in which financial institutions, pharmaceutical companies and foreign investors participate and provide financial and R&D assistance. The size of the fund is likely to be at least KRW1 tn (USD900 mn).