Korea Bio Association Holds 'Open Innovation Challenge' with Novartis

Bio Startup Global Pharmaceutical Company Collaboration Opportunities

[Asia Economy Reporter Lee Gwan-ju] The Korea Bio Association announced on the 21st that it will hold an 'Open Innovation Challenge' with the global pharmaceutical company Novartis on the 22nd.

This event is part of the 'Global Mingle' overseas expansion program planned by the association to support domestic bio companies' overseas expansion and the establishment of cooperative networks.

From the 14th of last month to the 7th of this month, domestic bio companies wishing to participate were recruited, and the eight companies finally selected will have a first round of one-on-one meetings with Novartis. Depending on the results, a second follow-up meeting will be held with Novartis headquarters.

Through the first meeting, Novartis is expected to review the participating bio companies' research and development capabilities, provision of innovative solutions, and potential for global linkage, seeking possibilities that could lead to actual collaboration.

Hwang Ju-ri, head of the Exchange and Cooperation Team at the Korea Bio Association, said, “We will continue to create opportunities for domestic bio startups to engage in open innovation challenges with global pharmaceutical companies, enabling not only technology exports but also various forms of open collaboration such as joint research.”