GOV’T TO INVEST IN VACCINE DEVELOPMENTS

[Anchor Lead]

Korea presented a road map of how it will help solve the worldwide vaccine shortage and build vaccine development and production into a key industry. The government plans to develop a home-grown COVID-19 vaccine by the first half of next year and to invest 2.2 trillion won over the next five years to turn Korea into a global vaccine production hub.

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The first goal of a government body launched to turn Korea into a global vaccine hub is the development of a home-grown COVID-19 vaccine. The plan is to develop the country’s first vaccine by the first half of 2022. Seven pharmaceutical companies are currently in the development race with SK Bioscience having requested an approval of the Ministry of Food and Drug Safety for phase 3 clinical testing. The government slashed the approval time by half and simplified the testing method to aid prompt vaccine development. Advance purchase will be made possible for a vaccine that passes phase 3 testing with a high success probability. The government plans to provide all-out support as a locally developed mRNA vaccine is essential in gaining vaccine independence.

[Soundbite] Kwon Deok-cheol(Minister of Health and Welfare) : "We plan to assist with both non-clinical and clinical tests. We are supporting the Korean Intellectual Property Office to avoid using overseas patents while developing our own technology."

Together with semiconductors and batteries, vaccines will be chosen as one of the three national strategic technologies, making the industry eligible for more tax incentives. The government will invest 2.2 trillion won over the next five years to achieve that goal. Korea’s objective is to be among the top five vaccine producing nations by 2025.

[Soundbite] Moon Jae-in(President) : "We will push the global vaccine hub plan as a national strategy and help mankind defeat this infectious disease."

Authorities also announced that Korea will work closely with the U.S. for increased cooperation in global production and expand vaccine partnerships with other countries such as Germany and the UK.