KRICT-KDDF sign MOU for supporting new drug development

□ The Korea Research Institute of Chemical Technology (KRICT, Director Jaehyun Kim) and the Korea Drug Development Fund (KDDF, CEO Dongho Lee) signed an MOU for mutual cooperation on October 12 (Fri.) at the KRICT meeting room.

○ Under the MOU, the two bodies pledged to discuss the strategic construction of a basic & industrial translational research system to support new drug development through the establishment of a system for systematic cooperation between the two institutes.

○ Translational Research is an integrated research development strategy that is now being globally emphasized in new drug development. In order to identify disease-specific targets and models and apply these to clinical tests, basic researchers, pharmaceutical companies and clinical researchers cooperate from the initial stage of new drug development.

○ Both institutes will specify the details of the cooperation, including system construction and business development, planning and promotion for basic-industry translational research, research cooperation systems construction for innovative target material optimization and academic conferences such as a new international drug development seminar for risk sharing.

□ KRICT is the only government funded research institute for the chemical area in Korea, and has made efforts to strengthen Korea’s capacity for new drug development based on the capacity and infrastructure it has accumulated over more than 20 years of experience. The KDDF is a government-wide project team involving the Ministry of Science & Technology, the Ministry of Knowledge Economy and the Ministry of Health & Welfare, and aims to construct 10 new drug development systems and advance a new drug development R&D investment platform.

□ Speaking about the MOU, Jaehyun Kim, Director of KRICT, said 'This MOU is expected to advance Korea’s development of new drugs that meet global standards through the combination of KRICT's 20 years of experience in new drug research, with the Korea Mixed Material Bank and new drug platform technology infrastructure combined with the KDDF's whole cycle of R&D support for new development.'

□ Dongho Lee, CEO of the KDDF, said 'The KDDF is establishing various domestic and international channels for promoting Korea’s development of new drugs that meet global standards,' adding 'We expect that Korea can compete with advanced countries in new drug development through systematic cooperation with special institutes.'

Appendix: 2 Photos of the MOU signing 

(Left) Dongho Lee, CEO of the KDDF, (Right) Jaehyun Kim, Director of KRICT 

KRICT PR: Dept. Science Spread Team, Team Head Wooyoung Oh (☏ 82-42-860-7823, 010-3436-8677)

KDDF Management Support Team Jeongsuk Shin (☏ 82-2-361-3605, 010-4811-5482)