May 7 2008
Developing a strong pharmaceutical industry is a key issue in Korea. So much so, that Battelle-Korea, Battelle, Chuncheon City, Gangwon Province and YuYu Inc., intend to collaborate and address the issue. A Korean corporation named International Scientific Standard (ISS), Inc., will be formed to develop a bioequivalency business in Chuncheon City, Gangwon Province, that will meet international Good Laboratory Practices (GLP) standards.
ISS will perform studies that enable Korean pharmaceutical products to be certified by the U.S. Food and Drug Administration (FDA) and regulatory bodies in many countries around the world. This capability of ISS will enable pharmaceutical products developed by the Korean domestic companies to be sold in overseas markets, such as the U.S. and Europe.
In addition, the collaborators will work on developing energy efficiency technologies and buildings. They will work together to develop a roadmap toward greater energy efficiency in Gangwon Province. This roadmap will identify manufacturing, service, and research and development (R&D) opportunities.
"This is a very promising collaboration," said Joan Adams, President and CEO of Battelle Korea. "The opportunities to develop a stronger pharmaceutical industry, advance biotechnology initiatives, and provide greater energy efficiency can only be achieved through working cooperatively."
In attendance at the May 5 signing ceremony at Battelle's headquarters in Columbus, Ohio were: Joan Adams, Battelle Korea; Barbara Kunz, Battelle President for Health and Life Sciences Global Business; Seungpil Yu, Chairman and CEO of YuYu Inc., a; Jin-sun Kim, Governor of Gangwon Province, and Kwang Jun Lee, Mayor of Chuncheon City.
YuYu Inc. is a pharmaceutical company listed in the Korea Stock Exchange.