Boryung Pharmaceutical to Drive Innovation Through Startup Support

Interview with Kim Deok-gyeom, Executive Director of Boryeong Holdings I&O Group

Kim Deok-gyeom, Executive Director of Boryeong Holdings I&O Group

[Asia Economy Reporter Cho Hyun-ui] "We aim to find opportunities in the future digital healthcare industry where IT and healthcare converge."

Kim Deok-gyeom, Executive Director of Boryung Holdings I&O Group, stated in an interview with Asia Economy on the 4th, "We will create change and innovation at Boryung Pharmaceutical through startup support and open innovation."

In August, Boryung Pharmaceutical launched the 'Boryung D-Healthcovery' fund, operated with a total investment amount of 1 billion KRW to support digital healthcare startups. Executive Director Kim explained the background of the fund's launch, saying, "Following the establishment of the local U.S. investment corporation 'Hayan Health Networks' earlier this year to invest in promising global bio ventures, we decided to respond to the rapid changes in the domestic healthcare market."

Boryung Holdings searches for investment targets and selects the investment portfolio, while Boryung Pharmaceutical provides the investment funds. Shortly after its launch, over 120 companies applied for support, and currently about 20% of the investment amount has been used. The main targets are services related to fitness or platforms addressing medical asymmetry. Executive Director Kim said, "We want to find companies that identify the key points of services and products consumers want and innovate them."

It is an unusual scene for a traditional domestic pharmaceutical company, rather than venture capital (VC) or professional investment firms, to directly establish a fund dedicated to digital healthcare. Because of this, the perspective on investment targets is also different. Executive Director Kim stated, "Rather than focusing on immediately visible indicators such as sales curves, we focus on whether new health values can be provided," adding, "Especially since we target early-stage companies, we look at whether the founders pursue the right ideas and values."

They also plan to diversify the types and methods of investment. Direct investments will be promoted targeting companies capable of open innovation with affiliates such as Boryung Consumer Healthcare and Boryung Biopharma. Executive Director Kim said, "Depending on the performance and experience of this fund, we plan to proceed with a second fund of the same kind or operate a fund in a different form."

Boryung Pharmaceutical intends to promote joint growth with invested companies through joint commercialization support, business advancement support, and network connections. Executive Director Kim said, "Boryung D-Healthcovery is closer to a program supporting the growth of digital healthcare startups with capabilities and potential than a simple fund," adding, "If there is alignment in thinking with Boryung Pharmaceutical and potential for joint business development, the possibility of additional equity investment through open innovation is fully open."

This content was produced with the assistance of AI translation services.