In a strategic move towards innovation, Chong Kun Dang has welcomed a seasoned artificial intelligence (AI) drug discovery specialist into its ranks.
The appointment of Dr. Young Shin Kwak as Executive Director was formally announced by Chong Kun Dang today. In this pivotal role, Dr. Kwak will assume leadership over the operations of the Chong Kun Dang Drug Discovery Center.
This development signals the company's proactive foray into the realm of AI-driven drug discovery, a frontier poised to revolutionize the drug development landscape by streamlining both cost and time requirements.
Dr. Kwak's involvement extends to the "AI New Drug Development Expert Committee," an assembly orchestrated by the AI New Drug Development Support Center within the Korea Pharmaceutical & Biotechnology Association. This influential body is composed of esteemed professionals representing 19 pharmaceutical and biotechnology enterprises.
During this year's shareholders' assembly, Kim Young-joo, CEO of Jong-geun-dang, underscored the organization's commitment to achieving global competitiveness. This endeavor hinges on the augmentation of the company's drug discovery platform through the integration of cutting-edge AI technology, with a particular focus on advancing biopharmaceuticals capable of yielding substantial added value.
Chong Kun Dang's venture into AI drug discovery is driven by the imperative to curtail the financial and temporal demands associated with new drug development.
According to data furnished by the Korea Health Industry Promotion Agency, the current timeline for new drug inception spans a staggering 10 to 15 years, encompassing costs that can reach between 2 to 3 trillion won. The adoption of AI-driven drug development platforms is poised to effectively halve this timeline and significantly trim the associated expenditure, estimated to be around 600 billion won.
As per the latest update from the Korea Pharmaceutical and Biotechnology Association, a total of 52 pharmaceutical and biotech entities have initiated 88 collaborative initiatives centered around AI drug development. This indicates a burgeoning interest in harnessing AI's potential to reshape the pharmaceutical landscape.
