CRO Parexel International has become the first contract research services provider selected by the newly established Korea Drug Development Fund (KDDF) to support drug development by Korean companies. KDDF was set up in September 2011 by Korea’s Ministry of Knowledge Economy, Ministry of Education, Science and Technology and Ministry of Health and Welfare, with a starting pot of $1 billion to develop at least 10 new drugs by 2019 for the global market. Parexel will provide a range of drug development support services for selected investments. The partnership with KDDF follows on from a research agreement signed between Parexel and the Seoul-based ASAN Medical Center earlier this year.
“The Korea Drug Development Fund is pleased to work with Parexel to establish various collaborative channels providing essential resources to Korean academic and research institutions and biopharmaceutical companies,” remarks Dong Ho Lee, M.D., KDDF CEO. “Together with Parexel, KDDF will be able to provide professional consulting services to the Korean research communities to advance research activities and promote important innovation.”
Parexel has been operating in the Asia/Pacific region for over 16 years, and has 21 offices and over 2,800 employees in major industry centers.