South Korea will invest a total of 2.17 trillion won ($1.92 billion) in national novel drug development projects over the next decade, with 1.47 trillion won from the government and 70 million won from the private sector.

The Ministry of Science and ICT announced the plan on Thursday along with the appointment of Mook Hyun-sang as the new head of Korea Drug Development Fund (KDDF).

The fund will explore effective and lead compounds and support drug development processes that span non-clinical and early-phase clinical trials.

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