 |
Posco International and Innovac officials, including Innovac adviser Kim Bong-cheol (fourth from right), hold a placard celebrating the first overseas export of an animal vaccine. (Posco International) |
Posco International announced Thursday that it has exported a swine pneumonia vaccine Vietnam's to National Veterinary Joint Stock Company or NAVETCO, marking Posco's first overseas animal vaccine export.
Developed by Innovac, a venture company run by a group of researchers at Kangwon National University, the vaccine, called INO MHP, can immunize around 100,000 pigs, the company said.
The swine pneumonia vaccine is vital for Vietnam due to its significant pig population and pork being a primary income and food source. Pork accounts for 70 percent of the country's meat consumption, according the World Organization for Animal Health in 2019.
Innovac's vaccine technology, which counters diseases like pneumonia and circovirus, has earned patents in the US and Europe and licensing in Vietnam.
The global swine vaccine market, according to marker tracker Business Research Company, is projected to grow from $1.99 billion in 2023 to $2.7 billion in 2027. Diseases affecting pigs result in losses estimated at 2.5 trillion won ($1.9 billion) annually for farmers globally.
Posco International, aligned with its "Green Energy & Global Business Pioneer" vision, seeks to leverage this opportunity for further exports, including to China.
"We aim to establish a comprehensive bio business value chain and lead in eco-friendly future materials," a Posco International official said.
