Pharmaceutical Bio Association Joins Hands with MIT to Accelerate Entry into US Bio Ecosystem

Domestic Pharmaceutical Consortium Considers Participation in MIT Industry-Academia Collaboration Program

[Asia Economy Reporter Cho Hyun-ui] The Korea Pharmaceutical and Bio-Pharma Manufacturers Association is accelerating its entry into the U.S. bio-ecosystem by partnering with the Massachusetts Institute of Technology (MIT).

The association announced on the 22nd that it held an information session on the ‘MIT ILP,’ an industry-academia collaboration program of MIT, at the Pharmaceutical Hall in Bangbae-dong, Seoul, the previous day. The MIT ILP provides a network program for the commercial success of advanced technologies based on more than 150 research institutes, over 3,000 professors and researchers, and about 1,800 startups located in Kendall Square, Boston.

John Robert, Senior Director of MIT’s Corporate Relations (CR), told representatives of domestic pharmaceutical and bio companies, “In Boston, U.S., companies, universities, government agencies, and startups collaborate to create innovative success stories,” adding, “We have high expectations for the participation of Korean pharmaceutical companies through the association and consortium.”

This information session is a follow-up to the global open innovation activation plan discussed by Chairman Won Hee-mok with MIT in Boston last November.

Director Robert introduced success cases of life science companies that have joined the ILP and explained that Korean pharmaceutical and bio companies can also enjoy benefits such as customized individual meetings and conference participation with MIT professors and startups through the ILP.

The association plans to form a consortium with interested domestic pharmaceutical companies to participate in the MIT ILP, starting with this information session. Notably, participation in the pharmaceutical and bio sector consortium is the first attempt in the 70-year history of the MIT ILP, which is expected to reduce the burden of annual fees and other costs compared to individual participation and to encourage more active participation and support.

Chairman Won said, “The U.S. is an advanced market accounting for more than 45% of the global pharmaceutical and bio industry, and Boston in particular hosts top-tier universities, hospitals, startups, and R&D headquarters of multinational pharmaceutical companies,” adding, “This year will be a year in which our pharmaceutical and bio industry actively enters the global ecosystem where open innovation is dynamically taking place.”