AstraZeneca joins korea's KHIDI in virtual research and development of oncology drugs

Business, March 10 (Upi) -- AstraZeneca has dabbled in virtual model drug development, working with in-house teams and contractors around the world to make the process more efficientNow, following some early success in neuroscience, AstraZeneca has moved virtual development into oncologyAstraZeneca has recently partnered with a South Korean agency to hunt for new targets in this areaUnder the agreement, the government-funded KoreaHealthIndustry Revitalization Institute (KHIDI) will work with AstraZenecaoncologydepartment to identify early conversion projects from a program submitted by South Korean researchersThe two sides have invited researchers to submit proposals for review, while iMed will select and fund the 12 most promising programs, provide proprietary compounds for preclinical testing, and work with researchers through a virtual platformAstraZeneca's iMed division was founded in 2012 and initially focused on neuroscience, a high-stakes area that has plagued the companyAfter laying off 2,200 research and development jobs in early 2012, AstraZeneca announced the establishment of iMed to continue to work in the field in an ultra-efficient and structured mannerNow, iMed is expanding the virtual model into oncology, a strategy that coincides with AstraZeneca's move toward a more collaborative approach to research"At Aslican, open innovation and collaboration is increasingly becoming a way of life," Steven Yang, head of theAstraZeneca's Asia and Emerging Markets Innovation Drugs Group, said in a statementWe believe that bringing together the minds of many researchers can help meet global health challenges and accelerate the development of valuable drugs"
that's what is behind AstraZeneca's recent job cuts and restructuring of facilitiesOver the next few years, AstraZeneca will abandon many distant research and development activities, cut another 1,600 jobs, and consolidate its bio
pharmaceuticalhub in Cambridge, England