ⓒYONHAP News

President Moon Jae-in said Thursday that South Korea aims to become the world's fifth largest vaccine-producing nation by 2025. 

Presiding over an inaugural strategy meeting, Moon said the government will designate vaccines, along with semiconductors and batteries, as one of three key national strategic technologies, and invest two-point-two trillion won in vaccines over the next five years.

He also promised major tax breaks for vaccine-related research and development and facility investment and to maximize domestic output through self-sufficient production of essential materials, components and equipment.

President Moon also unveiled plans to bolster the sector by fostering scientists and experts in vaccines, clinical trials and bio-medicine.

He also vowed to secure vaccine sovereignty through support for domestic vaccines and to step up global cooperation including partnerships with the U.S., Britain and Germany in order to attract investment and global firms to Korea.

Earlier in the week, U.S. pharmaceutical firms Pfizer and Moderna raised the prices of their COVID-19 vaccines in their latest supply contracts in the European Union.

According to foreign media on Sunday, Pfizer and Moderna raised the prices by 25 percent and ten percent, respectively, in their latest EU contracts.

The price for a Pfizer shot rose to 19-point-five euros or 26-thousand-700 won, from 15-point-five euros.

The new price of a Moderna vaccine is reportedly 25 U.S. dollars and 50 cents or 29-thousand-400 won, up from 22 dollars and 60 cents.

The vaccine supply status in the EU and high efficacy of the mRNA vaccines compared to rival vaccines are thought to have contributed to the price hikes.

The government says that price rise is likely to impact supply contracts for next year, though not this year.

Health Ministry official Son Young-rae made the remark in a briefing on Monday with regard to media reports that Pfizer and Moderna have raised the prices of their vaccines in their latest European Union supply contracts.

He said that even if the nation were to be affected by the rise, that would come during negotiations on supply contracts for next year.