According to Yonhap News,
(Seoul = Yonhap News) Reporter Seong Seo-ho = The Ministry of Health and Welfare (MOHW) announced on the 9th that it has signed a Memorandum of Understanding (MOU) with the pharmaceutical company Eli Lilly and Company to develop the Republic of Korea’s pharmaceutical and bio-industry and improve public health.
Under the agreement, Lilly will invest a total of USD 500 million (approximately KRW 747 billion) in Korea over the next five years starting this year and will cooperate with the government to strengthen the capabilities and enhance the competitiveness of the domestic pharmaceutical and bio-industry.
In particular, the two parties will vitalize innovation by establishing 'Lilly Gateway Labs,' a bio-venture incubating platform, with domestic companies. They will also work to attract more domestic clinical trials and create a world-class research environment.
In addition, the scope of cooperation will gradually expand around key tasks, such as social contribution activities to improve the health of the vulnerable in terms of health and medical care.
MOHW and Lilly plan to operate a joint working-level consultative body even after the signing of the agreement to promote cooperation for strengthening the domestic pharmaceutical and bio-innovation ecosystem and expanding global clinical trials.
Minister of Health and Welfare Jung Eun-kyeong expressed expectations, saying, "This agreement will serve as a meaningful opportunity to accelerate the development of innovative new drugs and strengthen the global competitiveness of promising domestic pharmaceutical and bio-companies while strengthening the innovation capabilities of the Republic of Korea’s pharmaceutical and bio-industry."
Patrick Jonsson, President of Eli Lilly International, said, "We hope to help Korea grow into a global leader in the pharmaceutical and bio-industry and contribute to patient treatment and the improvement of public health, such as by improving access to innovative medicines."
Previously, on the 3rd of this month, MOHW also signed an MOU with the global pharmaceutical company Roche to invest a total of KRW 710 billion over five years to strengthen the global competitiveness of the domestic bio-health industry.
soho@yna.co.kr
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Source Text
Source: Yonhap News (March 09, 2026)
** This article was translated from Korean.