Global pharmaceutical company Merck is considering a plan to establish a biopharmaceutical raw material production facility in Daejeon.
South Korean Ministry of Trade, Industry and Energy announced on Wednesday that it had signed an investment cooperation agreement with Merck Life Science, Daejeon City and South Korean government regarding Merck's plan to build a new bio-processing facility in Asia-Pacific.
The agreement includes Merck's plan to consider establishing a production facility in Daejeon that will supply biopharmaceutical raw materials to pharmaceutical and bio companies in the Asia-Pacific region, as well as the Korean government's commitment to providing the necessary support for the successful execution of the project.
The ministry expects that Merck's investment will not only secure a stable supply chain for biopharmaceutical raw materials, which are highly dependent on imports, but also contribute significantly to the local economy by attracting foreign investment.
Minister of Trade, Industry and Energy Lee Chang-Yang said that the biopharmaceutical raw material production facility to be established through this investment is extremely important from the perspective of diversifying Korea's exports in the future, as it will serve as an export hub covering the entire Asia-Pacific region.
Matthias Heinzel, CEO of Merck Life Science, stated that the latest investment cooperation agreement reflects Merck's intention to contribute to the development of Korea's bio-industry and that the production facility, once completed, will play a crucial role as a hub for the growth of Korea's bio-industry.
Write to Jeong Min Nam at
peux@hankyung.com
