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Merck & Co., Inc. announced it will build a biopharmaceutical raw material production plant in South Korea. It recently signed a memorandum of understanding (MOU) with the Korean Ministry of Trade, Industry and Energy and the local government of Daejeon for the project.
Merck & Co. made the announcement on Wednesday, May 3, and Korea’s MTIE also revealed on the same day that it has signed an investment agreement with Merck Life Science, the national government and the city of Daejeon for the American biopharma company’s plan to build a new bio-processing plant in the country.
According to The Korea Economic Daily, the production facility in Daejeon will supply biopharma raw materials to pharmaceutical and bio companies based in the Asia-Pacific. The Korean national government also promised to provide the necessary support so the project could be successfully implemented.
The trade and industry ministry said that Merck's investment in the country would not just ensure the stable availability of biopharma raw materials in the supply chain but will also significantly contribute to the local economy, as this could also attract more foreign investments.
The city government of Daejeon also noted that the construction of the production facility in the region is also a three-way cooperation that will South Korea’s efforts in achieving balanced regional development. Once completed, the new Merch biopharma manufacturing plant in Daejeon is expected to play an important role as the center for the growth of Korea's bio-industry.
Furthermore, the company’s CEO said the latest investment deal clearly shows Merck's intention to contribute to the development of the country’s bio business sector.
"South Korea is an emerging global leader in the biotech industry, and this Memorandum of Understanding demonstrates Merck's commitment to the region by working closely with the government to better support our customers," Merck Life Science’s executive board member and chief executive officer said in a press release. "The proposed facility would play a vital role in fulfilling demand in the Asia-Pacific region while representing an important hub for further biopharma industry development in South Korea."
