Incheon City-Utah University, Agreement on 'Bioindustry Cooperation'... Support for Entry into the US Market

Incheon City announced on the 30th that it has signed a memorandum of understanding (MOU) with the University of Utah in the United States to strengthen cooperation in the bio sector.

Proposed by the University of Utah, the agreement signed at City Hall on the 28th was established to enhance the international competitiveness of Incheon’s bio industry and support Incheon bio companies’ entry into the U.S. market.

The University of Utah has extensive experience in U.S. bio companies’ regulatory approvals and investment attraction, and the city expects this to greatly assist Incheon bio companies in entering the global market.

On the 28th, at Incheon City Hall, Ha Byung-pil, Deputy Mayor of Incheon (fifth from the left), and Taylor Randall, President of the University of Utah (fifth from the right), are taking a commemorative photo with officials during the 'Incheon City-University of Utah Incheon Biohealth Industry Promotion Agreement Ceremony.' 2024.9.28 [Photo by Incheon City]

Through the agreement, both parties agreed to cooperate on supporting Incheon bio companies in obtaining U.S. FDA regulatory approvals, developing policies related to the biohealth industry and resolving current issues, as well as supporting related facilities and investments.

As a pilot project of this agreement, starting next year, Incheon City plans to support Incheon bio companies in obtaining U.S. FDA regulatory approvals and entering the local market in collaboration with the University of Utah and Incheon Technopark.

Incheon’s bio industry has grown centered on Contract Development and Manufacturing Organization (CDMO) for pharmaceuticals, but recently, with consecutive selections in public projects such as the K-Bio Lab Hub and the Bio National Advanced Strategic Industry Specialized Complex, its business scope is expanding into various fields including new drug development, medical devices, materials, and parts production.

Ha Byung-pil, Deputy Mayor of Incheon City, said, "We will enhance competitiveness in the global market and develop Incheon into a global hub for the bio industry."

Taylor Randle, President of the University of Utah, stated, "This agreement is a great opportunity to expand the University of Utah’s capabilities in the bio sector, and we will actively cooperate for the innovation and development of Incheon’s bio industry."