S Korea to invest over 500 bn won in Covid-19 vaccines and treatments

The Korean government will invest 545.7 billion in the development of COVID-19 treatments and vaccines next year.

It includes a plan to pre-purchase up to 10 million doses of domestic COVID-19 vaccine developed by SK Bioscience within this year.

The government held the 12th meeting of the pan-government support group for developing COVID-19 treatment and vaccine on the 23rd, and announced this decision.

At the meeting, Minister of Science and ICT Lim Hye Sook, 2nd Vice Minister of Health and Welfare Ryu Geunhyuk, officials from related ministries, including Ministry of Foreign Affairs, Ministry of Trade, Industry and Energy, Ministry of SMEs and Startups, Ministry of Food and Drug Safety, and Korean Intellectual Property Office, and drug and vaccine experts attended.

The government will invest a total of 545.7 billion won in the development of COVID-19 treatments and vaccines next year. This is an increase of 283 billion won (107.7%) from the previous budget of 262.7 billion won this year.

In particular, it will invest 321 billion won in developing COVID-19 treatments and vaccines and supporting clinical trials. Among them, it will allocate 192 billion won to the Korea Centers for Disease Control and Prevention for pre-purchase of domestic vaccines. Ministry of Welfare and Ministry of Science and ICT will also strengthen support for various clinical trials and non-clinical studies.

The government will also provide 119.3 billion won to establish facilities and equipment for development of treatments and vaccines.

It will also invest 36.4 billion won in development, localization, and advancement of infectious disease next generation diagnostic devices such as rapid test and intelligent machines.

It will also allocate 69 billion won to strengthen basic research such as development of core technologies related to infectious diseases.

The vaccine developed by SK Bioscience received approval for the phase 3 clinical trial plan in August and announced the interim results of phase 2 last month to meet the pre-purchase requirements set by the government.

The government decided to pre-purchase vaccines by comprehensively considering safety, immunogenicity, and availability based on the interim results of phase 2 clinical trials.

It is planning to specify contract conditions through the working-level meetings and sign a pre-purchase contract as soon as possible.