[Pangyo Bio & Medical] SK Bio Vaccine receives first Phase 3 approval and President Moon requests “all-round support”

On Aug. 10, in relation to the approval of the Phase 3 clinical trial plan from the Ministry of Food and Drug Safety, President Moon Jae-in expressed high expectations for the original development of the COVID-19 vaccine (GBP510) being developed by SK Bioscience.

According to a briefing by Cheong Wa Dae spokesperson Park Kyung-mee, President Moon said after hearing the news on the same day, “I highly anticipate for the first Korean vaccine to be produced and commercialized. The government will provide all-round support so that the clinical trials can be carried out quickly and sufficiently in Korea.”

Earlier, Minister of Food and Drug Safety Kim Gang-lip said in a briefing on the morning of the same day, “After thoroughly verifying the safety and scientific feasibility of the Phase 3 clinical trial plan for GBP510, we have approved the Phase 3 clinical trial plan for the first COVID-19 vaccine developed in Korea.”

With this, GBP510 is the first among the COVID-19 vaccines being developed by Korean companies to begin Phase 3 clinical trial. The government expects that if the final safety and effectiveness are confirmed, it will be available for release in the first half of next year.

Earlier, at the “K-Global Vaccine Hub Vision and Strategy Briefing Convention” hosted by Cheong Wa Dae on August 5, President Moon said, “The COVID-19 vaccine developed by a Korean company is scheduled to enter Phase 3 clinical trials within this month, and we are expecting to see the first Korean vaccine to be commercialized by the first half of next year.”

In addition, regarding vaccine development, he added, “Sometimes it takes longer than expected or research may be delayed. Please discuss it with the Global Vaccine Hub Promotion Committee so that the government can provide support until the end and the company is not reprimanded even if it fails.”

Pangyo Technovalley is an innovation hub for global companies comparable to the Silicon Valley in the US, Zhongguancun in China, and STATION F in France. It is an Asia tech hub with 1,259 IT, BT, CT, and NT companies that possess innovative products and technologies. Located just south of the metropolitan area, it provides the best environment for Korean companies to do business with great transportation access and infrastructure.

Various high-tech companies are located in Pangyo Technovalley, and it is occupied by 64,000 full-time employees, many in their 20-30s. In terms of industry, the companies are engaged in information technology, contents technology, biotechnology, and nanotechnology.

With the support of innovative companies with global capabilities such as Kakao, Naver, AhnLab, Krafton, NCSoft, Nexon, and Hancom, companies in Pangyo Technovalley recorded 107 trillion won in sales last year. Investment and infrastructure growth in Pangyo is expected to continue, with the Metaverse hub entering Pangyo this year.

Source: Pangyo Techno Valley Official Newsroom 

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