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Novartis to invest $95 mil. in Korea cancer radiotherapy supply chain
Health and Welfare Minister Jeong Eun-kyeong, left, shakes hands with Novartis Asia-Pacific, Middle East and Africa President Judith Love in Yongsan District, Seoul, Tuesday. Courtesy of Ministry of Health and Welfare
By Park Ung
Swiss pharmaceutical giant Novartis is set to invest about 140 billion won ($95 million) to build a domestic radioligand therapy (RLT) ecosystem in Korea, covering research, production and treatment.
Health and Welfare Minister Jeong Eun-kyeong and Novartis Asia-Pacific, Middle East and Africa President Judith Love signed a memorandum of understanding on the plan in Yongsan District, Seoul, Tuesday.
RLT is a treatment that uses a radioactive substance attached to a molecule designed to target proteins on cancer cells, damaging their DNA to kill them.
“Novartis has invested in and cooperated with Korean pharmaceutical companies in areas including technology transfer and clinical research,” the ministry said in a statement. “This investment extends that cooperation into the advanced bio sector and is expected to strengthen research, development and manufacturing capabilities in Korea's radiopharmaceutical industry.”
Under the agreement, Novartis will build a domestic RLT manufacturing facility with an advanced cold chain logistics network. The company also aims to expand hospitals able to administer RLT in Korea from 10 to a target of 30 and cultivate a globally competitive research workforce.
Love said the agreement is an important step in advancing Korea's RLT ecosystem, with Novartis working closely with the government and health care stakeholders to help more patients benefit from innovative cancer treatment.
“We welcome the decision by Novartis, a global leader in the pharmaceutical and bio market, to make a large-scale production investment based on its trust in Korea's technological capabilities and potential,” Jeong said. “We expect this agreement to offer innovative treatment options to patients in Korea.”