Korea-US Bio Associations Strengthen Cooperation at BioUSA

The Korea Bio Association announced on the 9th that, with the support of the Ministry of Trade, Industry and Energy, it held a Korea-US roundtable and a meeting between Korean and American bio companies at the 2023 BIO International Convention (BIO USA) held in Boston, USA on the 7th (local time).

Group photo of participants at the Korea-US Round Table
[Photo by Korea Bio Association]

This meeting was a follow-up to the MOU signed in April during the Korea-US summit, led by Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy, between the Korea Bio Association and the US Bio Association (BIO), the representative organizations of the bio industries of both countries. Discussions were held on collaboration plans for joint research, production, research and development (R&D), and market information sharing between the bio industries of the two countries, as well as ways to activate partnerships among member companies of both associations, while actively utilizing the US's efforts to revitalize the bio economy by pursuing active partnerships with allied countries to stabilize supply chains across the bio industry, including healthcare, food, and energy.

In addition, policies that the governments of both countries should support for materials, parts, and equipment (MPE), active pharmaceutical ingredients (API) supply, and contract development and manufacturing organizations (CDMO) for pharmaceuticals, as well as regulatory relaxations needed for mutual market entry of companies from both countries, were discussed. In particular, detailed discussions were exchanged regarding joint responses to global supply chain issues, reflecting the current top concerns of both countries.

On the Korean side, Kim Seong-yeol, Senior Officer of the Ministry of Trade, Industry and Energy, and Ko Han-seung, Chairman of the Korea Bio Association, attended along with representatives from Samsung Bioepis, SK Biopharm, Celltrion, Amicogen, and Huons. On the US side, many executives including Nancy S. Travis, Vice President of BIO, and representatives from BIO member companies such as Merck (MSD), CEBR, and Bristol Myers Squibb (BMS) attended.

Through today's discussions, both associations plan to expand the scale of cooperation between the bio industries of the two countries. The Korea Pavilion will continue to operate at BIO USA, and the BIO representative will deliver a congratulatory speech at the opening ceremony of BioPlus-Interphex Korea (BIX), a bio convention hosted by the Korea Bio Association, and participate in the ‘BIO Debriefing’ session. Through this, the two associations plan to elevate their relationship beyond corporate cooperation to bio private diplomacy.