According to Yonhap News,

(SEOUL = Yonhap News) The Ministry of Health & Welfare (MOHW) signed an MOU on investment and R&D cooperation with global pharmaceutical company Otsuka Pharmaceutical on February 28.

With the signing of the MOU, Otsuka Pharmaceutical will expand investment to Korea in the clinical trial field and make both direct and indirect investments worth more than USD 80 million over the next five years.

More specifically, the company will carry out clinical trials in Korea for anti-cancer drugs, central nervous system diseases and chronic obstructive pulmonary diseases. Starting from early phase clinical trials, the company will expand investment to later phase clinical trials.

“We hope that the MOU will help establish Korea as Asia and the Middle East’s pharmaceutical production base, and we will contribute to the Korean pharmaceutical industry’s growth by expanding our investment across the clinical trial field, from early phase to later phase clinical trials,” said Taro Iwamoto, President and Representative Director of Otsuka Pharmaceutical.

Lee Youngchan, Vice Minister of MOHW, welcomed Otsuka Pharmaceutical’s investment decision and expressed commitment to developing high value-added products with the company.