Busan-Jinhae Free Economic Zone Authority Holds 'Bio Industry and Open Innovation Activation Strategy Meeting'

Launching Startup Incubation and Industry-Academia-Government Council
with Prestige Biopharma IDC

Busan-Jinhae Free Economic Zone Authority (Commissioner Park Seongho) has begun strategizing to become a central hub for a bio cluster.

On the 16th, the Authority held a 'Strategy Meeting for Activation of the Bio Industry and Open Innovation' in the main conference room, presided over by Commissioner Park Seongho.

Busanjin-Hae Economic Free Zone Authority is holding the "Bioindustry and Open Innovation Activation Strategy Meeting." Photo by Busanjin-Hae Economic Free Zone Authority

This meeting brought together Prestige Biopharma IDC, a leading bio company in the Busan-Jinhae Free Economic Zone, along with major bio industry-related organizations from Busan and Gyeongnam, to establish a joint strategy aimed at strengthening the bio industry competitiveness of BJFEZ.

Attendees included Commissioner Park Seongho, the Head of New Drug Planning at Prestige Biopharma IDC, as well as officials from Busan Metropolitan City, Gyeongnam Province, Gimhae Biomedical Industry Promotion Agency, Jinju Bio Industry Promotion Agency, Busan-Gyeongnam Technopark, Korea Institute of Ocean Science and Technology, and Changwon Industry Promotion Agency.

Prestige Biopharma IDC, which opened in the Myeongji district of the Busan-Jinhae Free Economic Zone in November last year, is playing a pivotal role in making Myeongji International New City a center for bio research through the development of innovative new drugs, the promotion of open labs, and the establishment of global partnerships. In particular, Prestige Biopharma IDC is attracting attention in domestic and international markets for its development of antibody drugs for pancreatic cancer and its efforts to obtain global approval for biosimilars.

During the meeting, Prestige Biopharma IDC introduced its ongoing business strategies and plans for utilizing open innovation. Various ideas were proposed to create a public-private cooperation-based research and development ecosystem, including joint R&D with local startups, sharing of equipment infrastructure, fostering bio startup creation, and providing consulting services.

Additionally, representatives from related organizations who attended the meeting agreed to actively pursue joint collaborative projects and participation in government-linked support programs, focusing on strengthening industry-academia-research collaboration within the region, nurturing professional talent, expanding technological cooperation among local companies, and jointly utilizing overseas networks.

Commissioner Park Seongho stated, "We will establish a bio innovation ecosystem in the Busan-Gyeongnam region centered on Prestige Biopharma IDC and further develop a win-win model among industry, academia, and government with Prestige Biopharma IDC at its core."