Ildong Begins R&D Transformation With 'Quick Win, Fast Fail' Strategy
Role For Internal/External Collaborations
South Korea’s Ildong Pharmaceutical has begun a major transformation from an OTC-focused firm to an innovative R&D-based operation that aims to compete with global big pharma rivals, helped by both internal and external alliances, its R&D head says in an interview with Scrip.
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Ildong has become the latest Korean pharma firm to start developing an oral COVID-19 drug in the country, potentially competing with Merck and Pfizer’s candidates which are now under approval review locally. The latest co-development deal is also set to expand the market prospects for the antiviral's Japanese originator.
Mergers and acquisitions are set to gain momentum in South Korea as firms outside the sector seek new growth engines and more open-minded biopharma companies seek rapid growth and globalization.
SK Bioscience has received the world’s first approval of its in-house developed recombinant protein COVID-19 vaccine SKYCovione (GBP510), in its home market of South Korea, two years after it began development. Strong support from the domestic government and international cooperation helped pave the way.