Merck & Co., one of the world's leading pharmaceutical companies, will invest 210 billion won (US$192.5 million) in South Korea on research and development (R&D) areas, Seoul's health ministry said Friday.

   Under a memorandum of understanding to be signed in New York, the drug manufacturer said the investment will be carried out over the next five years, according to the ministry.

   The investment will be mainly focused on conducting R&D, including vaccine development. The company will also cooperate with South Korea to hold lectures and seek personnel exchanges in the medical sector, the ministry noted.

   In addition, Merck will discuss ways to help South Korean pharmaceutical companies make inroads into overseas markets by closely cooperating with the ministry, it added.

   The ministry promised to continue its efforts to foster an environment where fair and transparent competition is guaranteed and intellectual property rights are protected for better business cooperation.

   Meanwhile, the ministry said that it will sign a separate deal with Prodea Systems, which also expressed its intent to invest around 170 billion won in Korea in conducting R&D on medical diagnosis areas.

Source: Yonhap News (April 1, 2011)