Why Has Japan Launched A $420m Fund For Bioventures?
Application For VCs Opened In Ecosystem Bid
A new national project to support bioventures and the venture capital funds investing in them has started in Japan. The strategic aim of the JPY50bn initiative is to enhance the speed of development and trials of new drugs and vaccines for infectious diseases, the lack of which became obvious since the breakout of COVID-19.
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A new state-supported scheme is to provide funding for R&D programs at Japanese bioventures, with up to JPY10bn available for each project. Eight selected VCs will fund one-third of the total, with the government to provide the rest.
The list including eight types of diseases such as flu and coronavirus infection, smallpox will be sent to SCARDA to determine which domestic vaccine development projects by pharmaceutical firms are to be funded. Some participants at the Ministry of Health, Labour and Welfare’s discussion insisted on continuous monitoring.
Japan has launched a new center to support vaccine and drug projects as a part of a larger scheme to tackle infectious disease. SCARDA will be in charge of establishing a flagship R&D site for innovative collaborations and controlling funds for R&D projects.