Daejeon Bio Venture, Frontline Role in 'K-Bio' Exports

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Bio ventures in the Daejeon area are playing a key role as the spearhead of K-Bio exports.

According to Daejeon City on the 26th, the local in vitro diagnostic device manufacturers that have received emergency use authorization and overseas export approval from the Korea Disease Control and Prevention Agency are ▲ Solgent Co., Ltd. ▲ Jin System Co., Ltd. ▲ Sugentech Co., Ltd. ▲ Bioneer Corporation ▲ Siseon Biomaterials Co., Ltd. ▲ TNS Co., Ltd. ▲ Genomictree Inc., totaling seven companies.

As of the end of last month, these companies' export performance amounted to $131 million (158 billion KRW), which is 28 times higher than the $4.5 million (5.4 billion KRW) recorded during the same period last year. This figure is based on export customs clearance data compiled by the Korea Customs Service.

In particular, the city expects that bio ventures within the Daedeok Innopolis, which have developed COVID-19 in vitro diagnostic kits, have recently signed export contracts worth over 200 billion KRW with more than 70 countries worldwide, including the Americas, Asia, Europe, the Middle East, and Africa.

Many bio ventures based in the region are thus serving as the spearhead for K-Bio exports.

Accordingly, starting next year, the city plans to establish a dedicated infectious disease shared research facility for companies, which will innovatively reduce development time and costs for companies that have faced difficulties in research and development due to the lack of high-risk pathogen handling facilities.

Moon Chang-yong, Director of the Science and Industry Bureau of Daejeon City, said, “We will strive to lead the growth of bio companies through the successful operation of the Biomedical Regulatory Free Zone, enabling Daejeon to leap forward as a leading city in the domestic bio industry.”