ID :
208203
Tue, 09/20/2011 - 08:56
Auther :
Shortlink :
https://oananews.org//node/208203
The shortlink copeid
Seoul to spend 1 tln won for development of new medicines
SEOUL, Sept. 20 (Yonhap) -- South Korea on Tuesday said it will spend 1 trillion won (US$877 million) by 2020 to help local pharmaceutical firms develop new drugs.
As an initial step, the government launched a new committee to oversee the support project. The committee consists of officials from three government ministries -- the Ministry of Health and Welfare, the Ministry of Knowledge Economy and the Ministry of Education, Science and Technology.
"As the main driving force of the country's largest new medicine development project, to which a total of 1 trillion won (including 530 billion won in government funds) will be spent, the committee will help improve the country's pharmaceutical industry by developing more than 10 new global medicines by 2020," the government said in a press release.
The project comes as the development of a new drug costs billions of dollars but the country's pharmaceutical companies are unable to invest such large amounts individually.
In 2009, the global pharmaceutical company Pfizer Inc. alone spent more than $7.84 billion for research and development of new medicines while South Korea's 20 largest pharmaceutical companies only spent $410 million combined, according to the government.
As an initial step, the government launched a new committee to oversee the support project. The committee consists of officials from three government ministries -- the Ministry of Health and Welfare, the Ministry of Knowledge Economy and the Ministry of Education, Science and Technology.
"As the main driving force of the country's largest new medicine development project, to which a total of 1 trillion won (including 530 billion won in government funds) will be spent, the committee will help improve the country's pharmaceutical industry by developing more than 10 new global medicines by 2020," the government said in a press release.
The project comes as the development of a new drug costs billions of dollars but the country's pharmaceutical companies are unable to invest such large amounts individually.
In 2009, the global pharmaceutical company Pfizer Inc. alone spent more than $7.84 billion for research and development of new medicines while South Korea's 20 largest pharmaceutical companies only spent $410 million combined, according to the government.
