This photo provided by POSCO International Corp. shows its employees posing for a photo before sending vaccines to NAVETCO.
SEOUL, Aug. 25 (Korea Bizwire) — POSCO International Corp., the trading arm of South Korean steel giant POSCO Holdings Co., said Thursday it exported a swine pneumonia vaccine to National Veterinary Joint Stock Co. (NAVETCO), Vietnam’s premier animal vaccine enterprise, marking its maiden venture into the realm of animal vaccine exportation.
This achievement is the result of a concerted effort, wherein POSCO International lent its support to INNOVAC’s cutting-edge animal vaccine manufacturing technology.
Facilitated by the Win-Win Cooperation Fund and overseas marketing initiatives, this collaboration also underscores the market viability of swine vaccines.
INNOVAC, a forward-looking venture established in 2016 by researchers from Kangwon National University’s College of Veterinary Medicine, boasts revolutionary technology that provides simultaneous protection against diseases like pneumonia and circovirus.
This has led to patent grants for INNOVAC’s animal vaccines in the United States and Europe, with licensing arrangements in place in Vietnam.
The exported product in focus is INNO MHP, a pandemic swine pneumonia vaccine developed by INNOVAC. This breakthrough vaccine is engineered to be administered to about 100,000 pigs.
Laying out its strategic roadmap, POSCO International is set to actively engage in the global animal vaccine market.
This involves strengthening its partnership with INNOVAC and expanding export operations, not only within Vietnam but also extending to China.
Anticipating market trends, the global swine vaccine market is projected to burgeon from around US$2 billion this year to a staggering $2.7 billion by 2027.
This move aligns with POSCO International’s vision unveiled earlier this year, the ‘Green Energy & Global Business Pioneer,’ wherein the bio business has been earmarked as a key growth engine.
Beyond its collaboration with INNOVAC, the company is committed to its ongoing association with BioApplications Inc., a plant protein platform, wherein an investment of 5 billion won (US$3.76 million) was made last year.
The new venture is dedicated to developing vaccines for swine fever and the novel coronavirus (COVID-19).
“By forging an integrated value chain within the bio business domain, we are poised to lead our group’s evolution towards eco-friendly future materials,” POSCO International said in a statement.
“Not only are we committed to providing financial backing through the Win-Win Cooperation Fund to support small and medium-sized ventures, but we are also enthusiastic about fostering robust overseas marketing collaborations.”
Ashley Song (ashley@koreabizwire.com)
