"For K-Bioclusters to Succeed... Attract Talent and Capital, and Ease Regulations"

'2025 World Bio Summit' Panel Discussion
"A Closed Talent Structure Limits Growth"

It has been argued that for Korea's bioclusters to reach a global level, securing talent and capital, as well as regulatory reform, are essential.

At the '2025 World Bio Summit Panel Discussion' held on the 17th at the Shilla Hotel in Jung-gu, Seoul, on the theme of 'Global Cooperation for Sustainable Development of Clusters,' Yoonhee Choi, Senior Research Fellow at the Korea Institute for Industrial Economics and Trade (first from the left), is delivering the opening remarks. Photo by Choi Taewon

On September 17, at the '2025 World Bio Summit,' healthcare experts from around the world expressed these views during a panel discussion on the theme of 'Global Cooperation for Sustainable Development of Bioclusters.'

The three core success strategies for bioclusters, which the panelists commonly emphasized, are: attracting talent without borders, securing capital to support growth, and regulatory innovation. Steven Cho, former Executive Vice President of Novartis, stated, "The success factor for Western clusters was integrating the world's best researchers into the ecosystem," adding, "When you visit bioclusters in Korea and Japan, it is difficult to find foreign researchers." He pointed out that a closed talent structure serves as a limitation to growth.

The key to the success of Basel, Switzerland, also lay in attracting talent. Paul Ashman, Head of International Markets and Business at the Basel Area Business & Innovation, cited the following as core elements of Basel's biocluster success: a high quality of life that attracts people to live there, high wage levels, and an open, multicultural environment where more than one-third of the population speaks English. He emphasized that creating an 'attractive environment' that draws and retains top talent is crucial.

In Korea, there were growing concerns about the concentration of students in medical schools. Hansik Han, Director of the AI Research Center at the Milner Therapeutics Institute, University of Cambridge, said, "Not every smart student needs to become a doctor," stressing, "It is urgent to improve social perceptions to make science an attractive career path."

Attracting capital was also highlighted as a key factor for the success of bioclusters. According to the experts, while Western clusters raise funds globally and do not limit themselves to domestic markets, Korea is still struggling to attract global investment. Steven Cho, former Executive Vice President of Novartis, remarked, "Unlike Western clusters, Korea still faces difficulties in attracting global capital."

In response, there were suggestions that, beyond simple research and development support, the public and private sectors should cooperate to create 'mega funds' worth trillions of won and actively attract overseas investment. Kim Juwon, Head of Management at the Korea Institute of Science and Technology Planning and Evaluation, stated, "Without mega funds, the sustainability of bioclusters cannot be guaranteed," and added, "Collaboration between the public and private sectors and attracting global infrastructure are needed for sustainable funding."

Regulatory reform was also cited as a crucial factor determining the success or failure of bioclusters. Byungyeol Cha, Head of the Biomedical Center at the Gimhae Biomedical Industry Promotion Agency, said, "The turning point for the success of the Cambridge biocluster in the United States was when the Cambridge City Council eased related regulations in 1977," evaluating that "by directly lowering research barriers, regulatory authorities enabled the activation of new research fields."

In contrast, in Korea, even when new technologies emerge, companies must go through complex approval processes involving multiple agencies such as the Ministry of Food and Drug Safety, the Korea Health Industry Development Institute, and the Health Insurance Review and Assessment Service, which slows progress. Cha pointed out, "In Korea, product approval requires the Ministry of Food and Drug Safety, new technologies go through the Korea Health Industry Development Institute, and market entry requires review by the Health Insurance Review and Assessment Service," adding, "If these procedures are streamlined, corporate growth will gain momentum."