MOHW, Eli Lilly Sign MOU on USD 500 Million Investment in Korea’s Pharmaceutical and Bio Industry

- MOHW and Lilly sign MOU to support the development of Korea’s pharmaceutical and biotechnology industry and promote public health -

- Fostering the growth of promising biotech companies and expanding cooperation in global clinical trials - 

The Ministry of Health and Welfare (MOHW, Minister Jeong Eun Kyeong) and Eli Lilly and Company (Patrik Jonsson, President of Lilly International) signed a Memorandum of Understanding (MOU) on Monday, March 9, at 5:40 p.m. at the Nine Tree Premier ROKAUS Hotel Seoul to support the development of Korea’s pharmaceutical and biotechnology industry and promote public health.

The MOU reflects a shared commitment by the Korean government and Lilly―the former aiming to make Korea one of the world’s top five biopharmaceutical powers, and the latter seeking to deliver innovative medicines swiftly to patients around the world―to strengthening the innovation ecosystem of Korea’s pharmaceutical and biotech industry.

Under the agreement, Lilly plans to invest a total of USD 500 million over the next five years, starting this year, and to work closely and strategically with the government to support capacity building and strengthen the global competitiveness of Korea’s biopharmaceutical industry.

More specifically, the two sides plan to gradually expand cooperation in key areas: promoting open innovation with Korean biopharmaceutical companies through the establishment of Lilly Gateway Labs, a global biotech venture incubation platform; expanding global clinical trials conducted in Korea and helping create a research environment that meets global standards; and pursuing community service initiatives to improve the health of medically underserved populations.

Following the agreement, the MOHW and Lilly will continue their cooperation through a joint working group to strengthen Korea’s pharmaceutical and biotech innovation ecosystem and expand global clinical trials.

Minister Jeong Eun Kyeong stated, “This agreement will serve as a meaningful opportunity to bolster the innovation capabilities of Korea’s biopharmaceutical industry while accelerating the development of innovative new drugs by promising Korean pharmaceutical and biotech companies and enhancing their global competitiveness.” 

Patrik Jonsson, President of Lilly International, remarked, “We hope this MOU will help Korea grow into a global leader in the biopharmaceutical industry and contribute to patient care and improved public health, including through better access to innovative medicines.”

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