The final results are gaining attention as the Korean government considers including COVID-19 vaccine to the National Immunization Program (NIP).

The news presents a favorable opportunity for global pharmaceutical companies with vaccines. Consequently, these companies are focusing on publicizing the socioeconomic losses of COVID-19.

According to the pharmaceutical industry on February 26, it was confirmed that the Korea Disease Control and Prevention Agency (KDCA) has begun research to evaluate the validity of COVID-19 vaccine inclusion to the NIP since last year and started the final review.

Considering that the research began at the end of April last year, the result will likely be finalized in May. Based on the final result, it is possible that COVID-19 vaccines, along with influenza vaccines, will be included in the NIP in the second half.

Therefore, the consideration for including in the NIP has brought attention the COVID-19 vaccine market.

The global and Korean markets are dominated by Pfizer and Moderna. Recently, Moderna has been focusing on messaging the socioeconomic effects of the COVID-19 vaccine.

Moderna Korea recently held the mRNA media insight event, announcing the importance of the COVID-19 vaccine.

At the event, Dr. Hankil Lee of Ajou University Hospital College of Pharmacy, who presented "The Socioeconomic Impact of COVID-19 Losses and the Effects of Vaccination," noted that COVID-19 infections continue to cause significant socioeconomic damage.

According to a Korean study (based on big data from the Health Insurance Review & Assessment Service) estimating productivity losses and medical expenses among the employed population, the societal losses attributable to COVID-19 reached approximately KRW 7 trillion in 2023.

Specifically, among 25.16 million employed individuals aged 18 to 64, about 9.8 million sought outpatient care, roughly 140,000 required hospitalization, and 1,539 died. Based on these figures, the estimated direct medical costs amounted to approximately KRW 1.4 trillion, including KRW 540 billion for outpatient services, KRW 220 billion for inpatient treatment, and KRW 450 billion for post-illness care.

Dr. Lee said, "It is the first study to estimate the national socioeconomic costs of COVID-19 infections using the latest domestic data sources," adding that "COVID-19 infections continue to impose a serious socioeconomic burden, and employee vaccination is evaluated as an effective strategy to reduce corporate losses and lower costs."

Clinical settings have assessed that if COVID-19 vaccines are newly included in the NIP, they could help establish a new vaccine market. Inclusion in the NIP is deemed essential for stable market formation.

Dr. Kwak Kyung-geun, President of the Seoul Physicians Association, stated, "In the case of COVID-19 vaccines, high-risk groups such as those aged 65 and older were supported by the government last year, and some COVID-19 vaccines were distributed privately. The procurement price was around KRW 100,000 per dose. I recall that not a single patient received the vaccine on a non-reimbursable basis, resulting in returns to the pharmaceutical companies."

Dr. Kwak said, "If COVID-19 vaccines are included in the NIP, high-risk groups will be automatically covered, and, similar to influenza vaccines, the vaccination rate among these groups is expected to be high as the vaccine is perceived as essential," adding that "However, it is questionable whether relatively younger patients, excluding the high-risk groups, would choose to receive the vaccine on a non-reimbursable basis, despite potential global policy influences."