Boston-based CRO PAREXEL International announced it is the first CRO chosen by the Korea Drug Development Fund (KDDF) to help Korean companies develop and commercialize healthcare products for the global market.

"The KDDF is expected to be an important resource for emerging biopharmaceutical companies to advance their promising new technologies," said Ron Kraus, corporate vice president and worldwide head of PAREXEL Consulting and Medical Communications Services.

"The Korea Drug Development Fund is pleased to work with PAREXEL to establish various collaborative channels providing essential resources to Korean academic and research institutions and biopharmaceutical companies," said Dr. Dong Ho Lee, CEO of KDDF.

The KDDF is a consortium of three health-related Korean ministries: the Ministry of Knowledge Economy; the Ministry of Education, Science and Technology; and the Ministry of Health and Welfare. KDDF was established in September 2011 with $1 billion in assets to develop at least 10 new drugs by 2019 for the global market.

Its alliance with PAREXEL enhances its development network and will provide access to a range of drug development support services for its selected investments, tailored to the needs of Korean national companies and spanning the drug development continuum.