Nov. 18 (UPI) — South Korea could also be able to roll out new coronavirus therapies by the tip of the yr, President Moon Jae-in mentioned.

The South Korean chief additionally mentioned the nation is reporting regular progress within the improvement of a vaccine to fight the virus.

Moon, who was addressing a gathering of South Korean pharmaceutical executives in Incheon, mentioned Wednesday the federal government is ready to distribute a COVID-19 vaccine on the earliest alternative, The Hankyoreh and native community JTBC reported.

“Growth of vaccines and therapies are displaying indicators of progress,” Moon mentioned. “It might be attainable to introduce antibody and [convalescent] plasma remedy to the market by the tip of the yr.”

South Korea’s response to the coronavirus has been broadly praised, after the nation flattened the epidemic curve on the preliminary levels of the pandemic.

The federal government’s insurance policies of free testing, contact tracing and enforcement of social distancing pointers have been held up as fashions. In April, Moon’s ruling Democratic Get together received a landslide victory basically elections.

Moon mentioned world demand for South Korean COVID-19 testing kits have remained excessive over the yr.

“Requests flooded in from many nations for diagnostic kits,” Moon mentioned. “And whereas total [South Korean] exports declined, biomedical exports, together with prescription drugs and medical units elevated for 14 consecutive months.”

Moon additionally mentioned annual exports within the biomedical sector surpassed the $10 billion mark for the primary time by October.

Korea lately tightened COVID-related measures as instances surged once more in latest weeks, probably a part of a world wave affecting many nations forward of winter. The nation reported 313 new instances by late Wednesday and has reported fewer than 30,000 instances because the begin of the pandemic.

Pharmaceutical corporations Moderna Inc. and Pfizer Inc. have developed vaccines displaying effectiveness above 90%, however South Korea is probably not in a rush to amass the vaccines.

The Wall Road Journal reported Wednesday Seoul has been provided greater than 30 million doses of the experimental vaccines, however is looking for a “cheap worth” earlier than making a proposal.