Hyundai Motor honorary chairman's vaccine vision comes to life at Korea University
Auto mogul's W10b donation culminates in Chung Mong-Koo Future Medicine Building
A philanthropic donation made by Hyundai Motor Group Honorary Chairman Chung Mong-koo to develop vaccines has borne fruit as the auto conglomerate celebrated the grand opening of the Chung Mong-Koo Future Medicine Building at Korea University in Seoul on Monday.
Chung donated 10 billion won ($7.3 million) from his personal funds to the Korea University College of Medicine in 2021 during the COVID-19 pandemic to enhance Korea's vaccine development capacity and expand research facilities. The medical school decided to name the new building after the auto mogul in his honor.
At the time of the donation, Chung said, 'The donation is my way of helping the people who have supported Hyundai Motor Group. I hope this can help restore health and happiness by overcoming the pandemic.'
The Chung Mong-Koo Future Medicine Building, a seven-story facility with 12,213 square meters of floor space, features a vaccine innovation research center, a bio safety center and laboratory, a precision medical center based on gene therapy and digital health and a research and development center for cutting-edge medical technology. It also includes high-priced equipment such as In-vivo Optical Imaging System, or IVIS, imaging-based ultrafast cell analysis equipment and a G3 robotics station.
Hyundai Motor said the new facility is expected to become a linchpin in securing the country's vaccine sovereignty as it will be a platform that allows Korea's first private sector-led vaccine development.
'Honorary Chairman Chung Mong-koo believed that the fundamental purpose of a corporation is about ensuring the happiness and well-being of the public and offered support such as fostering medical experts and treating the underprivileged so that everyone could have a healthy life,' said Hyundai Motor Group Executive Chair Chung Euisun, the oldest and only son of Honorary Chairman Chung, during the opening ceremony.
'I hope that the Chung Mong-Koo Future Medicine Building will become a key foothold to secure Korea's vaccine sovereignty and be able to lead the global health crisis.'
The former chief of the auto conglomerate established the Hyundai Motor Chung Mong-Koo Foundation in 2007 as he emphasized the importance of corporate social responsibility. The foundation, which was backed up by Chung's personal funds, also donated 6 billion won to the Asan Medical Center to support the growth of medical workers and set up a safe hospital system. The foundation has offered medical expenses for children of households with financial struggles while collaborating with medical institutes to seek those in blind spots who need medical treatment.
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