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The Korea Health Industry Development Institute (KHIDI) and Roche Korea said they would work together to build a precision medical ecosystem in Korea.

The accord is the first case of an investment agreement between a Korean government agency and a global pharmaceutical company in the field of precision medicine. To this end, Roche will invest 170 billion won ($153.7 million) over five years through various research projects, academic exchanges, and manpower training programs.

In detail, the two parties plan to introduce digital solutions and comprehensive genome analysis services in Korea to strengthen national clinical capabilities and implement genome-based precision medicine by expanding local clinical research investments for innovative new drugs with precision medical concepts.

They will also actively cooperate in turning out experts in this area, expand technology exchange, and jointly open an open innovation center.

“We are very pleased to take the first step toward public-private cooperation after signing industry-academic cooperation accord with leading local medical associations last year,” Roche Korea CEO Nic Horridge said. “Precision medicine cannot be realized only with the efforts of individual companies or institutions and requires extensive cooperation.”

Therefore, Roche will continue to cooperate with the Korean government and local experts to create a precision medical ecosystem and contribute to the mid- to long-term development of the local biohealth industry, Horridge added.

KHIDI President Kwon Deok-cheol said, “Data-based precision medicine is a key growth engine for the national biohealth industry.”

It is important to lay the foundation for shared growth through cooperation between public and private sectors when building a healthy future society and secure global competitiveness in the biohealth industry, Kwon added.

Kwon stressed that the institution looks forward to nurturing technology and experts in the field and discovering next-generation research projects.

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