hankyoreh

Total funding for the RIGHT Fund from 2018 to 2022. (RIGHT Fund website)

After Microsoft co-founder and philanthropist Bill Gates mentioned the possibility of developing a COVID-19 vaccine with South Korean companies next year, South Korean biotech firms have been getting attention for putting their top-shelf medical technology to work developing vaccines for needy people around the world.

The Research Investment for Global Health Technology (RIGHT) Fund, a nonprofit private-public partnership that funds R&D on infectious diseases in developing countries, told the Hankyoreh about these projects over the phone on July 27.

“Our understanding is that the Bill and Melinda Gates Foundation, in recognition of Korean biotech firms’ capabilities and their potential to contribute to global public health, recently got in touch with the South Korean government to propose expanding the RIGHT Fund. We’d been planning to run twice as many research programs in 2023 as we do right now, but with more funding coming in, it should be possible to accelerate project expansion,” a RIGHT Fund spokesperson said.

The RIGHT Fund was set up in 2018 with the purpose of supporting R&D for Korean companies that are working to develop vaccines, treatments, and diagnostic technology for developing countries that often lack funding and medical know-how. The South Korean government has agreed to provide the fund with 25 billion won (US$20.9 million) in overseas development aid through 2022 via the Ministry of Health and Welfare.

The fund has already received 12.5 billion won (US$10.4 million) from the Bill and Melinda Gates Foundation and 12.5 billion won more from five Korean companies: LG Chem, SK Bioscience, GC Pharma, Chong Kun Dang Holdings, and Genexine. These companies are committed to sacrificing profitability to put Korea’s leading biotechnology to work in addressing public health issues in developing countries. Bioneer, a Korean “bio-venture,” and two other Korean companies have recently signed on to the initiative by pledging to invest 250 million won (US$208,806) a year.

These companies have responded positively to the opportunity, even though the projects they’re investing in will not be very profitable. “We’ve served as a global vaccine provider and project partner for the UN, the Bill and Melinda Gates Foundation, and the World Health Organization. We regarded this as an invaluable opportunity to contribute to the public good of the global village,” said LG Chem.

“A company can’t operate without profit, but profit isn’t the only part of operations. We also thought that this would help us gain the confidence of the government,” SK Bioscience said.

The RIGHT Fund has currently confirmed 28 billion won (US$23.4 million) in funding for 22 research projects that involve, among other things, the development of vaccines and diagnostic devices.

“This will not only contribute to global infectious disease research and public health but also serve to spread the word about these companies’ technical expertise and give them a slice of the global market,” said Kim Kyoung-won, director of communications and public relations for the RIGHT Fund.

By Hong Seock-jae, staff reporter

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