The South Korean government on Tuesday kicked off the first World Bio Summit, a joint event with the World Health Organization to gather leaders of the vaccine and biotechnology industry to discuss innovations and ways to strengthen global health security.

President Yoon Suk-yeol highlighted the importance of solidary and cooperation that go beyond the borders to prepare for humanity’s common adversity of new infectious diseases and pandemics.

“Global society should work together to guarantee fair access to essential drugs such as vaccines and bolster our responding capabilities against infectious diseases,” Yoon said in his opening speech.

“South Korea is doing its best to innovate technologies of vaccines and therapeutics and nurture the bio health industry. We will set up a research and development system for new infectious diseases and rare, incurable diseases and create a bio investment fund to enhance the financial support,” he added.

Some 300 figures made of government officials from a couple of dozen countries, representatives from global organizations and multinational pharmaceutical companies participated in the inaugural event, including Nigerian president Muhammadu Buhari, President of the Asian Development Bank Masatsugu Asakawa and former Secretary General of the United Nations Ban Ki-moon.

The leaders of global pharmaceutical powerhouses -- Afrigen, Biovec, Merck, Moderna, MSD, Pfizer, Shinogi and SK Bioscience -- discussed future strategies for the post-pandemic era in a CEO’s session chaired by Jerome Kim, Director General of the International Vaccine Institute.

Under the theme of the future of vaccine and bio health, the first World Bio Summit on Thursday will announce the Seoul Declaration that pledges the global community’s continued efforts for expanding and strengthening cooperation, fostering bio talents, setting up research and development strategies, improving supply chains and optimizing regulatory environments.

The second part of the event will also feature various sessions that will cover topics including global investment, strategies for biotechnology and diagnostics development trends and prospects.

The WHO designated S. Korea as a global biomanufacturing training hub in February to accommodate trainees in the bio industry from low- and middle-income countries and help them grow their expertise.

Meanwhile, SK Bioscience said the company earlier in the day signed a memorandum of understanding with the Coalition for Epidemic Preparedness Innovations to develop an mRNA vaccine technology.

SK Bioscience, which succeeded in developing the country’s first COVID-19 vaccine and getting it approved by the Korean drug authorities in June, added that the company will receive up to $140 million for the research and development of mRNA vaccine platform for the viruses of Japanese encephalitis and Lassa fever under the agreement.