Minister Oh Young-joo of the Ministry of SMEs and Startups Hosts
Korea-Japan Bio Ecosystem Roundtable Meeting
Domestic bio venture companies and Japanese pharmaceutical companies are joining forces to enter the global market.
On the 10th, the Ministry of SMEs and Startups held the "Korea-Japan Bio Ecosystem Roundtable" at Shonan iPark (Asia's largest bio cluster) in Japan to discuss mutual cooperation plans such as joint research and global expansion between Korean bio ventures and Japanese pharmaceutical companies.
Presided over by Minister Oh Young-joo of the Ministry of SMEs and Startups, the event was attended by representatives of Korea's advanced regenerative bio ventures including CEO Joo Ji-hyun of Ipsel, as well as global Japanese pharmaceutical companies including Hiroaki Ueno, Chairman of the Japan Pharmaceutical Manufacturers Association (Chairman of Mitsubishi Tanabe Pharma).
Due to the characteristics of the bio industry, which requires huge funding and has a high risk of failure, cooperation between companies is important. In particular, open innovation between bio ventures developing candidate substances and pharmaceutical companies with extensive new drug development experience has already become a global trend.
The Korean bio ventures participating in the event unanimously agreed that securing new drug development pipelines from large pharmaceutical companies to generate profits is essential for stable business operations and continuous technological innovation. While Korea has an active bio venture-centered ecosystem, there is a lack of large pharmaceutical companies with rich experience in new drug development, making drug development challenging.
To address this, the Ministry of SMEs and Startups designated the "Advanced Regenerative Bio Global Innovation Zone" in Chungcheongbuk-do to promote overseas validation and joint research with global companies, facilitating the overseas expansion of Korean companies. Among the special zone companies in Chungcheongbuk-do, 10 will be selected to receive support for new technology development, non-clinical and clinical trials, and approvals necessary for global expansion at Shonan iPark.
Meanwhile, on the previous day, the 9th, a networking event called "Korea-Japan Match Day" was held with 104 participants including 14 Korean bio ventures and 10 Japanese pharmaceutical companies to discuss various cooperation plans such as joint technology development and clinical trials. Some companies agreed to proceed with specific joint projects, and the Vice Governor of Chungbuk met with Vice Governor Shuto Genji of Kanagawa Prefecture, where Shonan iPark is located, exchanging opinions on cooperation at the local government level.
Minister Oh Young-joo stated, “Our advanced bio companies with technological capabilities will open opportunities to conduct challenging R&D and enter the global market through cooperation with Japan, greatly contributing to human life and safety.”
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