Drug firms adopt AI to develop new drugs - (The Korea Times via NewsPoints Desk)

  • Daewoong Pharmaceutical, Hanmi Pharmaceutical and Samsung Bioepis are among the drugmakers seeking to use artificial intelligence (AI) to shorten the time of drug development, The Korea Times reported Friday.

  • "Most pharmaceutical companies here spare no expense to make investments into R&D and expand manufacturing facilities to explore future growth engines," an official from a Korean drugmaker stated.

  • Daewoong, which created an AI research team to explore candidate drugs for certain health problems in 2014, recently partnered with the Ulsan National Institute of Science and Technology to apply big data and AI technology to the new drug development system.

  • "We plan to invest 70.5 billion won to build a Connected Collaboration & Development Center in Magok, Seoul, by July 2023," a Daewoong Pharmaceutical official said.

  • Korea's Ministry of Health and Welfare announced earlier this week that it will invest 477.9 billion won to support the pharmaceutical industry, including 10.3 billion won to help companies established AI-powered drug development platforms.

    "The pharmaceutical and biotechnology industry is the core of the nation's future industries creating jobs and additional value," remarked Health and Welfare Minister Park Neung-hoo.

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