Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.
Government to put all efforts in securing COVID-19 vaccines
A building at Chonnam National University in Gwangju is closed, Friday, after a student of the university tested positive for COVID-19. / Yonhap
By Lee Hyo-jin
By Lee Hyo-jin
The government is putting all efforts to obtain COVID-19 vaccines with an aim to secure enough supply for approximately 60 percent of the country's population by the end of the year, according to the health authorities.
“We are seeing progress in our talks with related bodies. We will strive to secure as large a supply as possible to meet our goal by year end, even if we have to give up other entire deposits,” said Kwon Joon-wook, deputy director of the Central Disease Control Headquarters in a daily briefing Thursday.
By “entire deposit,” Kwon meant the upfront payment the government has already made to several pharmaceutical firms to ensure access to vaccines they are currently working on.
The aggressive plan for procurement comes after the recent announcement of Pfizer's interim results of a promising vaccine, which was reported to be 90 percent effective compared to a placebo.
Kwon noted that “the negotiation process is almost done,” although he did not clarify with which pharmaceutical firms the government is planning to sign deals.
Regarding Pfizer's new vaccine, the government remained cautious saying, “We are aware of growing public expectations about the new vaccine from a certain firm, but it will take some time to receive final results and approval by the FDA.”
Korea has implemented a two-track strategy in the global race to obtain COVID-19 vaccines.
The government is engaging in international cooperation under the COVAX Facility, a multinational initiative aimed at developing, manufacturing and deploying COVID-19 vaccines, and also exerting efforts to sign separate deals with pharmaceutical companies.
The health authorities aim to obtain enough vaccines for 10 million people through the COVAX Facility, and get vaccines for another 20 million people from separate contracts with drug companies.
Meanwhile, the authorities recently established a consultative committee consisting of 20 vaccine experts from various medical organizations to discuss specific ways to obtain approved vaccines and ensure public safety during their distribution.
The committee held its first meeting Thursday evening, details and participants of which were not disclosed to the public. The panel of experts will continue to work on developing criteria based on which pharmaceutical companies the country will purchase the vaccines from.