Government invested 2.2 trillion won in national drug development project by 2030
The government announced the start of a new drug research and development project that would invest 2 trillion won over 10 years, and appointed Mok Hyeon-sang, head of the new drug development project, as the first project manager.
The Ministry of Health and Welfare announced on the 4th that it has officially appointed Mook Hyun-sang, the head of the new drug development project, as the first head of the national drug development project together with the Ministry of Science, ICT and the Ministry of Trade, Industry and Energy.
The national new drug development project is a project that supports the entire cycle of new drug development, from effective and leading substances to candidate substance discovery, non-clinical, clinical phases 1 and 2, and commercialization. A total of 2,1758 billion won (government expenditure 1,474.7 billion won, private 71.1 billion won) will be invested for 10 years from July this year to 2030.
In the future, the head of the project manager will seek to approve new drugs by global regulatory agencies such as the Ministry of Food and Drug Safety, the US Food and Drug Administration (FDA), and the European Medicines Agency (EMA), and discover candidate substances and plan, evaluate, and manage clinical research projects. It will oversee the operation of the project team, external cooperation such as alliances with global pharmaceutical companies, and support for commercialization.
An official from the Ministry of Welfare said, “The new head of Mook Mook is an expert who has abundant experience and knowledge in the development and commercialization of new drugs, such as successful technology transfer with global pharmaceutical companies in 2010, when he served as the CEO of MediFron DB Co., Ltd.”.
New business manager Mook Hyun-sang expressed his ambition, “Based on the experience and know-how accumulated while operating the leading business group, we will do our best to launch the global market for domestic new drugs, while making active investments in discovering substances in the early stages.”
The official term of office of the project manager is three years, until March 3, 2024. After evaluation, it is possible to serve consecutively for two years.
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