South Korean Companies Plan To Invest US$5.4 Billion To Build Vaccination Centre By 2024
To make South Korea a K-global COVID vaccine hub, the government is dedicated to cultivating and aiding the vaccine industry. South Korea’s government wants to make it a worldwide vaccine production and distribution hub. Furthermore, by 2024, the private sector has committed to invest a record US$5.4 Billion.
At the meeting, the government decided to encourage private businesses to invest in facilities that would help the vaccine and vaccine raw material industries flourish as a key industry. Private businesses will have spent or planned to invest US$5.4 Billion by 2024.
By 2022, Samsung Biologics expects to invest a total of US$3.56 Billion, with US$1.47 Billion going toward Songdo’s fourth facility, which has been under construction since February, and 2.5 trillion going into succeeding facilities from 2022 to 2024.
Celltrion, on the other hand, wants to invest US$1.26 Billion in factories and an R&D center, while SK Bioscience will invest US$0.22 Billion on a vaccine facility.
The government will create a vaccination environment for businesses and promote equitable policies to encourage investment. It also plans to boost its overall investment in the biopharmaceutical business. Government subsidies will be given to companies who are lacking funds. It aims to provide 14 firms with US$1.5 Million from the extra budget in 2021 by the end of the year, in order to assist vaccine-related companies with investment goals but lack of funds. The committee will establish a new ‘analytical and patent team,’ which will consolidate vaccine-related patent research and provide individualized patent strategies for each firm.