Boryeong and Hangwoo Research Institute Sign 'Space Development' Agreement... Leading the New Space Era

COSPAR 2024 Event
Space Development MOU Signed
Unusual Partnership Between Pharmaceutical Company and Research Institute

Boryung, a pharmaceutical company challenging an annual sales target of 1 trillion won and transforming into a space enterprise, has joined hands with the Korea Aerospace Research Institute (KARI), South Korea's leading research institution for satellites and launch vehicles. Attention is focused on whether the alliance between the company and the government-funded research institute will lead to 'New Space' achievements.

Lee Sang-ryul, Director of the Korea Aerospace Research Institute (left in the photo), and Kim Jeong-gyun, CEO of Boryeong, are taking a commemorative photo after signing a business agreement in Busan on the 15th. Photo by Boryeong

On the 15th, Boryung and KARI signed a memorandum of understanding (MOU) for mutual cooperation in building a space research foundation and securing space development technology capabilities, coinciding with the 45th International Council for Science Committee on Space Research (COSPAR) General Assembly held at BEXCO in Busan. Both KARI and Boryung also set up exhibition booths side by side at the event.

Through this agreement, KARI and Boryung will activate testing and research in space environments and jointly discover and promote various cooperative projects for the development of the national space industry.

Going forward, Boryung and KARI will establish a mutual cooperation system in areas such as sharing space testing facilities and research experience, low Earth orbit and deep space exploration, and utilization of space stations.

Under CEO Kim's leadership, Boryung is striving to transform into a space company and is actively forming partnerships with global space medicine-related companies, institutions, and experts. It is also investing in startups and researchers developing essential technologies for space exploration. In this context, the fact that KARI, which possesses the greatest capabilities in launch vehicle and satellite fields among domestic space development research institutions, has joined hands with Boryung carries significant meaning.

Lee Sang-ryul, President of KARI, cited Boryung as a representative case of the 'New Space' era, which refers to private sector-led space development. President Lee said, "The 'New Space' that the Space Agency aims for requires investment from challenging private companies. Boryung has made enthusiastic investments in space without relying on government support and has had continuous discussions with KARI, leading to this MOU."

CEO Kim said, "I expect this to be an important opportunity for South Korea to actively utilize the space environment and revitalize the space industry, becoming a starting point for expanding South Korea's low Earth orbit activities in the future," adding, "Based on this, we will contribute to South Korea securing space sovereignty as a global space power."

Although CEO Kim declined a personal interview until concrete results are achieved, he attributed significant meaning to the agreement by stating, "Through this MOU, we will be able to use KARI's microgravity experiment facilities."

Kim Jeong-gyun, CEO of Boryeong (left), is explaining 'Exium Space' to Yoon Young-bin, Administrator of the Space Aviation Agency, who visited the Boryeong exhibition booth at the Busan BEXCO Exhibition Center on the 15th. Photo by Space Aviation Agency.

CEO Kim also hinted that Boryung will engage in space station construction through its investee, Axiom Space, as well as develop space pharmaceuticals. While explaining Boryung's space business on this day, CEO Kim emphasized, "In the future, those who will take us to space will not be only SpaceX." He said, "Companies like Axiom Space are building commercial space stations and striving to enable people to stay in space." Axiom Space is also the company that established Brax Space, a joint venture with Boryung to promote joint space projects. Boryung exhibited a space called 'Axiom Space,' a space for drug experiments in space, at its booth during the event. Yoon Young-bin, Director of the Space Agency, personally experienced this space guided by CEO Kim.

CEO Kim emphasized that as opportunities to go to space increase, it will become increasingly important for humanity to take care of itself in the space environment. He explained that Boryung, with its rich experience in new drug development and disease treatment, is building an ecosystem to prepare for situations that may occur when humanity stays longer in space.