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| INNOVAC Advisor and Safety Control Manager Kim Bong-cheol, fourth from right, poses with officials from POSCO International and INNOVAC to celebrate their first pig vaccine exports to Vietnam at CTCVAC's production facility in Hongcheon, Gangwon Province, Monday. Courtesy of POSCO International |
By Kim Jae-heun
POSCO International has successfully exported its very first swine pneumonia vaccine to Vietnam's largest animal vaccine firm NAVETCO, the company said Thursday.
The vaccine "InnoMHP" is developed by a local venture company INNOVAC and POSCO sent enough to administer to about 100,000 pigs.
INNOVAC was founded by Prof. Hahn Tae-wook of the College of Veterinary Medicine at Kangwon National University and his researchers in 2016. The company owns new technologies that can simultaneously defend against infectious diseases such as pneumonia and Circovirus. It patented its animal vaccine in the United States and Europe and received a license for use in Vietnam.
"We will continue to advance the group's eco-friendly future materials by establishing a value chain throughout the bio business. We will also provide financial support for small and medium-sized venture firms here through a mutual growth fund while actively promoting overseas marketing cooperation," a POSCO International official said.
According to a global research firm The Business Research Company, the global pig vaccine market is expected to grow significantly every year from $1.99 billion (2.63 trillion won), this year, to $2.7 billion in 2027. The damage to farms around the world caused by pig diseases amounts to 2.5 trillion won, annually.
POSCO International plans to lead the global animal vaccine market by strengthening its cooperation with INNOVAC in the future. It will push for exports not only to Vietnam but to China as well.
In addition, the company will continue its partnership with a local bio venture firm Bioapp. It owns "plant protein platform" technology which the trading company secured a stake in by investing 5 billion won in last year.
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