Seoul, Republic of Korea, 10TH March 2020 – The RIGHT Fund (Research Investment for Global Health Technology Fund, CEO Younbeen Kim) expands its support on R&D projects for innovative vaccines, therapeutics and diagnostics to prevent and cure endemic and emerging infectious diseases in developing countries including COVID-19. Adding to its existing mid-to-large award (Product Development Award), RIGHT Fund has just launched a new award (Technical Accelerator Award) in order to facilitate proof-of-concept of innovative ideas. The RFP is ongoing through the Fund’s website until April 2nd, 2020.
Founded in July 2018, The RIGHT Fund is a non-profit foundation established through the public-private partnership between the Ministry of Health and Welfare of South Korea, 5 Korean life science companies (SK Bioscience, LG Chem, GC Pharma, Chong Kun Dang Pharm, Genexine) and the Bill and Melinda Gates Foundation with the mission of promoting global health. The RIGHT Fund selects and financially supports R&D projects that leverage Korean innovation and technology for the development of vaccines, therapeutics, and diagnostics addressing public health concerns and needs in developing countries. The RIGHT Fund plans to invest 50 billion Korean won for this purpose until 2022 and announced its first investments to 5 research projects with a total of 10 billion Korean won last year.
The RIGHT Fund primarily focused on late-stage product development projects, mainly for the development of new formulation and manufacturing technologies, where Korea has a competitive edge thus possibly bring fast and tangible outcomes to people in the target countries.
The newly added project platform, Technical Accelerator Award (TAA) aims to facilitate speedy initiation of proof-of-concept projects of innovative research ideas especially on infectious diseases of which there are no available therapeutics, vaccines or diagnostics options. TAA is also meant to foster quality projects for the Fund’s mid to large Award platform. The 1st call for proposals for TAA is currently opened and the details are available at its website (https://rightfund.org).
The RIGHT Fund plans total 3 calls for proposals this year which consists of 2 time call for TAA (ongoing and in November) and 1 time call for PDA in June. The aggregate investment through grant awards will exceed 10 billion KRW.
Younbeen Kim, CEO of the RIGHT Fund, said, “Innovative Technology is most needed ever to prevent and fight against infectious diseases.” Kim added, “The RIGHT Fund will expand its support for researches that are in high demand in global health and make Korea’s innovation and strength contribute to the advancement of global health.”