Parexel to support South Korean pharma sector's globalisation effort
This article was originally published in Scrip
Parexel has been chosen by the Korean Drug Development Fund (KDDF) as the first contract research organisation to help South Korean companies develop and commercialise healthcare products for the global market.
The KDDF is a consortium of three health-related ministries: the ministry of knowledge economy, the ministry of education, science and technology, and the ministry of health and welfare. It was established in September 2011 with assets of $1 billion to support the development of at least 10 new drugs for the global market by 2019.
Parexel said that the alliance will help the country to "enhance its development network and will provide access to a broad range of drug development support services for its selected investments".
Dr Lee Dong Ho, CEO of the KDDF, added that the tie-up will establish various collaborative channels providing essential resources to South Korean academic and research institutions and biopharmaceutical companies. "Together with Parexel, KDDF will be able to provide professional consulting services to the Korean research communities to advance research activities and promote important innovation," he said.
At the same time as it is cutting national healthcare spending through regular drug reimbursement price cuts, South Korea's government is also trying to encourage the generics-dependent domestic industry to become more innovative, outward-looking and internationally competitive. For instance, firms that meet certain criteria are eligible for state financial support for selected R&D projects and to encourage overseas clinical trials (scripintelligence.com, 7 September 2011).
The alliance with the KDDF follows Parexel's collaborative research agreement earlier this year with the ASAN Medical Center in Seoul. The centre, the parent of seven hospitals under the Asan Foundation established in 1977, focuses primarily on early phase research and allows clinical trial sponsors - based both regionally and internationally - access to high quality clinical trial services throughout Asia.
Parexel has had a presence in the Asia-Pacific region for more than 16 years, and provides a broad range of contract clinical development and other services.
It is not the first major international CRO to strike an alliance in South Korea however, as Quintiles signed a memorandum of understanding last year with the Korea National Enterprise for Clinical Trials, for an education and training programme related to the conduct of clinical trials (scripintelligence.com, 31 May 2011).