Research Investment for Global Health Technology Fund (RightFund)
The RIGHT Fund, established in July of 2018, is the first funding agency dedicated to supporting global health R&D through a three-way partnership between the Government of Korea (GOK), Korean life science companies, and international funders.
The RIGHT Fund provides a platform for the GOK and Korean industry to increase their contributions to global health, and will serve as a vehicle for investment in R&D projects aimed at delivering tangible products to address disease burden in developing countries.
With roots as an undeveloped country on the receiving end of Official Development Assistance (ODA), Korea has rapidly transitioned into a full-fledged member of the OECD Development Assistance Committee (DAC) as of 2010. In 2015, Korea became the 24th largest DAC provider in terms of its ODA as a percentage of GNI, and the 14th largest by volume.
Korea is currently in the second phase (2016-2020) of its ODA execution plan for enhancing the aims and maximizing the outcomes of its ODA projects. The RIGHT Fund is one of Korea’s strategic initiatives that was established during this phase.
Noticing the Korean government’s increased contributions and actions to support the developing world, the Bill & Melinda Gates Foundation (BMGF) sought to collaborate with the GOK on additional focused strategic approaches. The BMGF has now solidified a new partnership with the GOK, leveraging their experience with the GHIT Fund in Japan, while recognizing that the unique strengths of Korean industry will yield characteristically different benefits for the developing world.
The project goal is to advance the discovery and development of new health technologies to meet the needs of Low and Middle Income Countries (LMICs) by leveraging the intellectual, technological, and financial resources of the Republic of Korea.
These technologies include, but are not limited to, new medicines, vaccines, diagnostics, and delivery & manufacturing technologies related to neglected diseases, which can address current or anticipated public health issues, especially in LMICs.See more