The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Song Joong-ki marries British woman, expects baby

  • 3

    Suicidal pedestrian saved over Han River bridge

  • 5

    Kim Jung-hyun returns to small screen with 'Kokdu: Season of Deity'

  • 7

    Youth, foreign drug offenders increase threefold in 5 years

  • 9

    INTERVIEWBusan has potential to be world-class city, says mayor

  • 11

    Samsung to introduce low-carbon diet for employees to help tackle climate change

  • 13

    Seoul International School celebrates 50th anniversary

  • 15

    Koreans reluctant to unmask on first day of eased indoor mask rule

  • 17

    Over 76% of South Koreans support development of nuclear weapons

  • 19

    S. Korea mistakenly fires machine gun near border with N. Korea

  • 2

    Japanese teen romance film attracts 1 mil. Korean viewers for 1st time in 21 yrs

  • 4

    Korea to lift indoor mask mandate Monday

  • 6

    US four-star general warns of war with China in 2025

  • 8

    K-pop releases for February

  • 10

    NK rejects alleged arms trading with Russia, warns of 'undesirable result'

  • 12

    'Someday or One Day' cast says film spin-off has new plot

  • 14

    Plum trees, pheasants and promises of old Korea

  • 16

    Base taxi fare to rise by 1,000 won to 4,800 won next month

  • 18

    Main opposition leader faces pressure to resign in case of indictment

  • 20

    3 dead, 4 hurt in upmarket Los Angeles neighborhood

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Business
  • Tech
  • Bio
  • Companies
Tue, January 31, 2023 | 09:48
Manufacturing
Samsung to leverage chip investment for 'vaccine swap'
Posted : 2021-05-16 13:58
Updated : 2021-05-16 18:02
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
People stand in line near ticket booths to receive COVID-19 vaccine injections at a pop-up vaccine center at New York City's Grand Central Terminal, last week. UPI-Yonhap
People stand in line near ticket booths to receive COVID-19 vaccine injections at a pop-up vaccine center at New York City's Grand Central Terminal, last week. UPI-Yonhap

By Kim Yoo-chul

Samsung Group, the sprawling South Korean business conglomerate, is being highlighted ahead of President Moon Jae-in's first-ever summit with U.S. President Joe Biden at the White House on May 21. Samsung's biotechnology affiliate is set to reach a "vaccine swap" in return for the conglomerate's semiconductor unit investing billions of dollars to boost memory chip production in the United States.

A few days before Moon's visit to Washington, D.C., Cheong Wa Dae said the two leaders are set to explore during the summit the best possible ways to boost bilateral cooperation in vaccines.

More specifically, Lee Ho-seung, the President's chief policy secretary, said the U.S. has a strong interest in turning South Korea into a global vaccine production hub. Lee explained that the plan makes sense, since the U.S. possesses vaccine patents and raw materials, while South Korea possesses the world's second-highest drug manufacturing capacity.

President Moon is under pressure to secure more COVID-19 vaccines. In the early stages of the pandemic, Seoul had been relatively successful in containing the spread of the coronavirus through effective quarantine measures and aggressive testing. However, the Moon administration has been slow to secure enough vaccines to inoculate the country's 52 million people to reach its goal of achieving herd immunity by November this year.

Vaccine, chips, North Korea on agenda for Seoul-Washington summit
Vaccine, chips, North Korea on agenda for Seoul-Washington summit
2021-05-16 16:32  |  Foreign Affairs

Discussions are now underway with the U.S. Centers for Disease Control and Prevention (CDC) to sign a deal with the Korea Disease Control and Prevention Agency (KDCA) before and after the summit to have the U.S. provide surplus Pfizer and Moderna vaccines.

"Samsung Biologics could play a greater role as it already produces vaccines at its manufacturing plants in South Korea on a contractual basis. What Samsung wants is to acquire some patented technology not just to win vaccine production orders from Pfizer and Moderna, but to expand its supply lines in Asia and Europe," a senior executive said by telephone, Sunday. Samsung Biologics CEO John Rim is reportedly set to accompany Moon on his visit to Washington.

So far, the U.S. has shown reluctance in sharing some of the patented biopharmaceutical technologies of its bio companies, since they are considered "strategic items," according to sources.

Samsung officials declined to comment. But sources said its planned memory chip investment in the U.S., estimated to be as high as $20 billion, could assuage concerns about inking a "technology partnership" over COVID-19 vaccines.

"President Moon is expected to tell Biden what role South Korea can play, through Samsung Electronics, to back the U.S. president's semiconductor initiatives," a government official said.

"Samsung's semiconductor investments in the U.S. could further boost investor sentiment, because most of the planned spending will be used to bolster foundry operations, in which Samsung is relatively weaker compared to its rivals. That segment was also identified by the U.S. as a strategic item," said Kim Il-tae, senior fund manager at Meritz Investment.

Both Samsung and Pfizer denied reports that Samsung Biologics signed a deal with the U.S. drug maker to produce COVID-19 vaccines at the Korean company's plant in Incheon's Songdo, southwest of Seoul. Despite the denial, working-level discussions on the project are still underway, one bio analyst in Seoul said.

Moderna is on the move to purchase land on Yeongjong Island, near Incheon International Airport, to build manufacturing facilities or vaccine warehouses. Samsung Biologics said it will announce any updates over the possibility of manufacturing Moderna mRNA vaccines. The Moderna vaccine has yet to be approved in Korea.




Emailyckim@koreatimes.co.kr Article ListMore articles by this reporter
 
Top 10 Stories
1Koreans reluctant to unmask on first day of eased indoor mask rule Koreans reluctant to unmask on first day of eased indoor mask rule
2Over 76% of South Koreans support development of nuclear weapons Over 76% of South Koreans support development of nuclear weapons
3[ANALYSIS] Pandemic awakens demand for data-driven automation ANALYSISPandemic awakens demand for data-driven automation
4Busan seeks to take lead in expo race after BIE's April visit Busan seeks to take lead in expo race after BIE's April visit
5Stock-leveraged investments rise again amid bullish KOSPI Stock-leveraged investments rise again amid bullish KOSPI
6Retailers seek to bolster beauty product sales as lifting of mask mandate approaches Retailers seek to bolster beauty product sales as lifting of mask mandate approaches
7Biohealth geared for growth Biohealth geared for growth
8SPC opens 120th Paris Baguette store in US SPC opens 120th Paris Baguette store in US
9NK slams NATO chief's Seoul visit as 'prelude to war'NK slams NATO chief's Seoul visit as 'prelude to war'
10Korea-US defense talks likely to bring up extended deterrence Korea-US defense talks likely to bring up extended deterrence
Top 5 Entertainment News
1Song Joong-ki marries British woman, expects babySong Joong-ki marries British woman, expects baby
2Kim Jung-hyun returns to small screen with 'Kokdu: Season of Deity' Kim Jung-hyun returns to small screen with 'Kokdu: Season of Deity'
3K-pop releases for February K-pop releases for February
4'Someday or One Day' cast says film spin-off has new plot 'Someday or One Day' cast says film spin-off has new plot
5Itaewon music fest brings love to the healing process Itaewon music fest brings love to the healing process
DARKROOM
  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

  • World Cup 2022 France vs Morocco

    World Cup 2022 France vs Morocco

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group