Seoul: South Korea's health ministry announced a memorandum of understanding (MOU) with Swiss pharmaceutical firm Roche to enhance the global competitiveness of the country's biohealth industry.

According to Yonhap News Agency, under the agreement, Roche plans to invest 710 billion won (US$486 million) over the next five years. The investment aims to bring global clinical trials to South Korea, focusing on high-incidence and rare diseases, as well as advanced biopharmaceuticals. The Ministry of Health and Welfare (MOHW) highlighted these goals in a statement.

The agreement includes support from Roche in developing specialized research and development talent and identifying and assisting promising domestic biohealth companies. The ministry emphasized this commitment in its announcement.

Health and Welfare Minister Jeong Eun-kyeong stated, "The MOU will serve as a stepping stone to elevate Korea's clinical trial capabilities to the next level and help local biohealth companies grow faster and expand into global markets."

Jorg-Michael Rupp, head of Roche Pharma International, remarked that the partnership with the South Korean government is intended to maximize synergies and strengthen the core competitiveness of Korea's biohealth industry.