US-based biopharmaceutical services company Parexel is deepening its presence in the Korean market through an alliance with the government-backed Korea Drug Development Fund (KDDF).

Parexel said it was the first contract research organisation to be chosen by the KDDF to help Korean companies develop and commercialise healthcare products for the global marketplace. 

The partnership follows Parexel’s announcement early this year that it was hooking up with the Seoul-based ASAN Medical Centre to offer early-phase clinical trial services in Korea and across Asia.

KDDF consortium

Set up in September 2011 with assets of $1 billion to develop at least 10 new drugs for the global market by 2019, the KDDF is a consortium between Korea’s Ministry of Knowledge Economy, Ministry of Education, Science and Technology, and Ministry of Health and Welfare.

The alliance with PAREXEL enhances the Fund’s development network and will provide access to a broad range of drug-development support services for selected KDDF investments, the new partners noted.

These services are “tailored to meet the needs of Korean national companies and will span the entire drug development continuum”, they added. 

Ron Kraus, corporate vice president and worldwide head of Parexel Consulting and Medical Communications Services, said the alliance “further demonstrates Parexel’s continued commitment to the Asia-Pacific region and helps increase our opportunities for industry innovation”.