Incheon 'K-Bio Lab Hub' Passes Preliminary Feasibility Study... Full Operation in 2026

272.6 Billion Invested to Establish Infrastructure Supporting and Nurturing Bio Ventures and Startups

K-Bio Lab Hub Bird's-eye View [Provided by Incheon City]

[Asia Economy Reporter Park Hyesook] The 'K-Bio Lab Hub' project, to be established in Incheon to support and nurture startups in the biotechnology (bio) sector, has passed the preliminary feasibility study.

Incheon City announced on the 21st that this project, jointly promoted with the Ministry of SMEs and Startups, has passed the review for preliminary feasibility study by the Ministry of Science and ICT.

The K-Bio Lab Hub construction project is a comprehensive support system that provides bio startup companies with space for residence, facilities and equipment necessary for experiments, research, clinical trials, and prototype production, as well as industry-academia-research-hospital collaboration all in one place. It aims to foster innovative bio startups through the operation of new drug development R&D programs.

It is benchmarked after 'LabCentral,' a bio startup support institution in Boston, USA, famous for producing the global pharmaceutical company 'Moderna.'

Earlier, the Ministry of SMEs and Startups evaluated candidate sites among five local governments including Incheon, Gyeongnam, Daejeon, Chungbuk, and Jeonnam, and selected Incheon as the optimal site for the K-Bio Lab Hub construction project in July last year.

The K-Bio Lab Hub, to be established at Yonsei University Songdo International Campus, will invest a total of 272.6 billion KRW including 109.5 billion KRW in national funds to build two buildings for resident companies and one building for education and network building for resident companies from next year until 2025, and will begin full-scale operation from 2026.

Songdo, Incheon, where the K-Bio Lab Hub will be located, is evaluated as suitable for the hub due to its industry-academia-research-hospital collaboration network including Korea's representative bio anchor companies such as Samsung Biologics and Celltrion, as well as Songdo Severance Hospital (scheduled to open in 2026).

The Ministry of SMEs and Startups plans to operate the K-Bio Lab Hub not only in Incheon but also as a space for bio startups and institutions nationwide to collaborate on research, making it a cradle for producing 'bio unicorns.'

An official from Incheon City stated, "With the promotion of the K-Bio Lab Hub construction project, we are confident that it will be an opportunity not only to create a bio innovation cluster, a core pledge of the 8th elected administration, but also to elevate Incheon as the world's leading bio industry mecca city."