Korea Health Industry Development Institute Announces Recruitment for Companies to Join Boston Incubation Center in the U.S.

Exterior view of the Cambridge Innovation Center (CIC) in Boston, USA [Photo by CIC]

[Asia Economy Reporter Chunhee Lee] The Korea Health Industry Development Institute announced on the 1st that it is recruiting companies to move into the C&D Incubation Center in Boston, USA, as part of the ‘K-Blockbuster US Market Entry Support Project’ aimed at pioneering the world’s largest pharmaceutical and bio market.

This support project involves assisting companies to move into the C&D Incubation Center located within the Cambridge Innovation Center (CIC), a shared office space in Kendall Square, Boston. Selected companies can receive rental support of up to 1.2 million KRW per month for one year.

The recruitment targets domestic pharmaceutical and bio-related companies that are interested in entering the US market or have already entered the US as of the application date. About 13 companies will be selected through screening. Eight companies moving into the shared office space already arranged by the Health Industry Development Institute will receive free rent support, while for other CIC spaces, up to five companies will receive up to 1.2 million KRW per month per company. During the support process, innovative pharmaceutical companies will receive additional points, and both companies wishing to newly move into CIC and those already residing there can apply.

Selected companies will enjoy various support benefits including, in addition to rental support for moving into the C&D Incubation Center, ▲ local expert consulting on administrative procedures related to establishing corporations or branches, technology transfer, research and development (R&D) planning, regulatory approval, clinical trials, investor relations (IR), and fundraising ▲ provision of specialized educational seminars ▲ networking support at major local US academic conferences ▲ use of convenience facilities and infrastructure including the C&D Center. After selection, companies can receive support for up to a total of three years, with extensions subject to evaluation and review.

Last year, the Health Industry Development Institute selected and supported 10 companies including Riflex Science, Voronoi, Aribio, Yuhan USA, Welt, Ildong Pharmaceutical, Illimis Therapeutics, Generos, Hanmi Pharmaceutical, and Huons USA to move into CIC. This recruitment is conducted separately for new companies apart from those already supported.

The application period is until the 13th. Companies wishing to move in can check the recruitment announcement on the Korea Health Industry Development Institute website and submit the application form and business plan along with required documents via email to the person in charge.

Kim Yong-woo, Head of the Pharmaceutical and Bio Industry Division at the Development Institute, said, “The C&D Incubation Center is expected to serve as an advanced base for domestic pharmaceutical and bio companies to enter the US market, laying the foundation for global expansion and partnerships.” He added, “We will continue to fully support domestic pharmaceutical and bio companies’ entry into the US market.”