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Korea's biopharmaceutical industry has a long way to go
Following Merck, Pfizer has announced the successful development of an oral COVID-19 treatment. Pfizer said its antiviral pill, which will be sold under the Paxlovid brand name, cuts the risk of hospitalization and death by 89 percent when given within three days after the onset of symptoms. Earlier, Merck said its pill, Molnupiravir, could halve the risk if given to high-risk people in the early stages of infection.
The development of oral treatments is good news for the fight against the coronavirus. Last Thursday, in a global first, the U.K. government approved the use of Molnupiravir; while the U.S. Food and Drug Administration is also likely to authorize the pill as a treatment soon. Oral therapies are game-changers as they are effective and convenient in treating COVID-19, just as vaccines play a pivotal role in preventing the pandemic's spread.
We also welcome this news from abroad, but cannot be complacent. The recent developments have reaffirmed that Korea's biopharmaceutical industry has a long way to go before coming up with its own vaccines and treatments. The global COVID-19 vaccine market has been dominated by multinationals, such as Pfizer, Moderna, Johnson & Johnson and AstraZeneca. There is no longer any mention of them sharing their vaccine patents.
The government's plan to turn Korea into a global vaccine hub also has clear limitations, as it is focused not on independent development but contract manufacturing. It is, of course, not easy to become a contract manufacturing organization (CMO), however, Korean companies will remain at a serious disadvantage until, and unless, they secure source technology. All this shows how far the domestic biopharma industry lags behind advanced countries. To be on a par with global giants, Korean companies should be first movers and not be content with being fast followers.
Only when they accumulate experience and abilities through numerous rounds of trial and error, will the domestic industry be able to develop high value-added technologies and creative designs. For now, the government should swiftly secure as many treatments as possible. In the long term, however, it must pave the way for the country to become a pharmaceutical powerhouse. If the biopharma industry fails to release new drugs recognized worldwide, the country's strategy of beefing up the sector will end up as a mere slogan.
