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According to Yonhap News,

(SEOUL=Yonhap News) The Ministry of Health and Welfare announced May 1 that it has launched its 2nd project unit to support the development of new anti-cancer drugs.

Organized by the National Cancer Center of Korea, the project will last for the newt 4 years until 2020. To lead the unit, the ministry has appointed Dr. Park Young Hwan, former head of Daewoong Pharmaceutical's Drug Discovery Research Institute, who had served as project development manager for the 1st project.

A total of KRW 62.3 billion will be invested in the project to support preclinical studies and clinical trials on 15 outstanding prospective anti-cancer substances being developed by drug companies, universities and research organizations.

The 1st project (2011-2016) received a total of KRW 49.9 billion in investment, and succeeded in producing 2 cases of technology transfer.

The ministry expressed its intent to actively support the project so that it can lead to an increase in exports of newly developed drugs, and help Korea transform into global pharmaceutical and biomedical power.

withwit@yna.co.kr

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