SK bioscience Co., a pharmaceutical affiliate of South Korea's SK Group, said Wednesday it has joined hands with Thailand's state-run drugmaker to build vaccine manufacturing and development infrastructure in the Southeast Asian country.

SK bioscience and Thailand's Government Pharmaceutical Organization signed a memorandum of understanding on Tuesday, under which the Korean company will help the country prepare for future pandemics by developing a homegrown vaccine.

As a first step, SK bioscience said it will conclude a separate deal to transfer its technology for SKYCellflu, a cell culture-based influenza vaccine, while GPO will produce the vaccine and use it for the nation's inoculation programs.

Thailand is one of the biggest pharmaceutical markets in Southeast Asia, along with Indonesia and Vietnam, with its revenue expected to grow to 10.4 trillion won ($8 billion) in 2027 from 7.5 trillion won in 2021, according to data from the German market analysis firm Statista.

SK bioscience said the latest MOU with Thailand is part of its "globalization" business strategy, aimed at helping foreign countries with inadequate access to vaccines secure reliable production facilities. (Yonhap)