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According to Yonhap News,
Jecheon-si, Chungbuk-do signed an MOU with Neumed, a biotech company developing drugs derived from natural materials,with regard to investment in Jaecheon 3rd Industrial Complex and administrative support. .
Neumed is a bio venture company researching, developing, and producing drungs and health functional food ingredients using herbs and other natural materials.
The company has been growing through collaboration with Kyung Hee University's College of Korean Medicine.
Neumed is to invest about 35.3 billion won by 2025 to build research and production facilities on the land area of 13,000㎡ in Jecheon's 3rd Industrial Complex (23,466㎡)
When the investment is completed, 35 jobs are expected to be generated.
Its CEO Kang Hee-won said, "Thanks to a cluster of oriental medicinal herb and natural materials industry around Jecheon, there is high possibility of conducting industry-academia-research-government cooperation project. Also there are diverse facilities such as high-functioning herbe medicine LED plant factory, distribution center for medicinal crop seeds. Taking them into account, we've decide to make investment."
Kang added that "we hope to contribute to increasing income of local farmers by using Jaecheon's quality natural materials in producing our products, and we're also planned to push for collaboration with Semyung University in Jaecheon".
Jaechon's mayor said, "The investment by Neumed is to set the examplary model of local win-win development based on industry-academia-research-government network, encompassing Chungbuk Technopark Oriental Medicinal Natural Products Center, Jecheon Korean Medicine Bio Promotion Foundation, and Semyung University of Korean Medicine."
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Source:Yonhap News (June 23, 2021)
** This article was translated from Korean.