Roche is plugging 710 billion won (about $484 million) into South Korea’s biopharma industry, with the goal of attracting global clinical trials and cultivating talent in the East Asian nation.
Roche signed a memorandum of understanding (MOU) with the Ministry of Health and Welfare solidifying the pledge, a Roche spokesperson confirmed to Fierce Biotech.
“This partnership is expected to strengthen the core competitiveness of Korea’s bio-healthcare industry by establishing an ecosystem for global clinical trials and enhancing R&D capabilities for innovative medicines,” the spokesperson said.
“We expect that signing this MOU will not only take Korea’s clinical trial competitiveness to the next level but also serve as a catalyst for the rapid growth and global expansion of promising domestic biohealth companies,” Jeong Eun-kyeong, M.D., Ph.D., South Korea’s minister of health and welfare, reportedly told the Asia Business Daily.
Related
The Roche partnership comes as South Korea makes a concerted effort to juice up its biopharma sector. Jeong’s office announced a program to help Korean biotechs secure partnerships with Big Pharmas like Roche, AbbVie and Novo Nordisk on Feb. 13.
The country’s pharma industry was estimated to be worth $27 billion in 2024, with projections of hitting $53.97 billion in 2032, according to Fortune Business Insights.
“Roche has long recognized Korea’s distinct strengths, including the Korean government’s strong commitment to fostering the biopharmaceutical industry, its highly skilled research talent, world-class clinical trial capabilities and exceptional openness to innovative technologies,” the Swiss pharma’s spokesperson added.
Global pharma outfits strengthened their investment in South Korea by 74% between 2020 to 2024, boosting their cash infusions from 596.2 billion won ($410 million) to 1.04 trillion ($712 million), according to a report from the Korea Research-based Pharmaceutical Industry Association cited by multiple Korean outlets.
South Korea is already known for its manufacturing industry, which includes giants like Samsung Biologics and Celltrion.
Roche’s global strategy was also on display last October, when the company’s Saudi Arabia unit signed an agreement to enhance the kingdom’s clinical research capabilities/ Saudi Arabia has expressed a vision of becoming a global biotech hub by 2040.
