The RIGHT Fund, established in July of 2018, is a Public-Private Partnership (PPP) funding agency in Korea dedicated to supporting global health R&D. The three-way partnership is between the Government of Korea (GOK), Korean Life Science companies, and Bill & Melinda Gates Foundation (BMGF).

The RIGHT Fund provides a platform to catalyze collaborations between Korean and international researchers, product developers and public health workers to develop essential health technologies as global public good with the ultimate goal of improving health and health equity globally.

Mission


Contribute to improve health and health equity globally

Approach


     
  • Develop essential health technologies as global public good
  • Leverage Korea’s strengths in health technology R&D
  • Foster collaborations between Korean and international researchers

Establishment Background


With roots of experiencing war, poverty, and receiving Official Development Assistance (ODA), Korea has become the first former aid recipient to transition into a full-fledged member of the OECD Development Assistance Committee (DAC). By 2015, Korea became the 24th largest Development Assistance Committee provider in terms of its ODA as a percentage of Gross National Incomper per Capita (GNI), and the 14th largest by volume.

Korea is currently in the second phase (2016-2020) of its ODA execution plan for enhancing the aims and maximizing the outcomes of its ODA projects. The RIGHT Fund is one of Korea’s strategic initiatives that was established during this phase.

Noticing the Korean Government's increased contributions and actions to support the Low- and Middle-Income Countries (LMICs), the Bill & Melinda Gates Foundation (BMGF) and four Korean life science industry partners saw an opportunity for Korea to contribute to close the ‘10/90 gap’, where less than 10% of worldwide resources devoted to health research were spent towards diseases that afflict more than 90% of the world’s population. By leveraging the Korea’s unique strengths in life science and health related R&D, the RIGHT Fund has been established to develop essential health technologies as public good.