Opening Ceremony Launches Effort to Transform Korean Pharmaceutical Industry
CHUNCHEON CITY, Korea, Sept. 24 /PRNewswire-USNewswire/ --
Civic and business officials gathered in Chuncheon City Sept. 23 to open a worldwide bioequivalence research institute operated by International Scientific Standard, Inc. (ISS), a joint venture company.
ISS, formed by Battelle and YuYu Pharma, will focus on testing the safety and efficacy of generic drugs in order to position the Korean pharmaceutical market for global sales. The ISS pledges to work closely with customers to ensure testing meets global standards.
Bioequivalence testing services begin in the fall in the GLP-compliant laboratory, which will begin operation with 10 to 20 researchers. They'll conduct the work in a 1,090-square meter facility in Chuncheon City that is equipped with state-of-the-art LC/MS equipment imported from Japan and the United States.
The opening ceremony was attended by: Kim Jin Son, Kang Won Provincial Governor; Lee Kwang Jun, Chuncheon Mayor; Dr. Carl Kohrt, Battelle President and CEO; and Dr. Seungpil Yu, Chairman of YuYu Pharma.
Officers of ISS include YuYu Pharma's Dr. Seungpil Yu, who is Chairman of the Board, and Battelle's Dr. Joan Adams, who is Representative Director.
Chuncheon City offered incentives in order to bring the ISS facility to the city because it has the potential to have a positive impact on the economy. Chuncheon estimates new drug development production could eventually reach $168 million annually and potentially create 3,000 jobs.
YuYu Inc. is a pharmaceutical company listed on the Korea Stock Exchange.
Battelle is the world's largest non-profit independent research and development organization, providing innovative solutions to the world's most pressing needs through its four global businesses: Laboratory Management, National Security, Energy Technology, and Health and Life Sciences. Battelle oversees $4 billion in research and 20,400 staff members in more than 120 locations around the world.
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