Magok Resident Companies 'Pharmsville' and 'WellsBio' Commercialize Products Through Industry-Academia-Research Collaboration

Successful Support for Technology and Product Commercialization through Joint Research between Magok Resident Companies and Ewha Medical Center
R&D Convergence Technology Exchange Support for SMEs in Magok Industrial Complex... Recruiting 4 Companies in March

[Asia Economy Reporter Lim Cheol-young] Seoul City announced on the 3rd that it has achieved technological innovation results, including product launches, by supporting joint research through cooperation between resident companies and academia-industry-hospital partnerships to revitalize R&D convergence in the Magok Industrial Complex.

Since 2020, Seoul City has selected two companies, Farmsville and WellsBio, among small and medium-sized enterprises residing in the Magok Industrial Complex, and has been promoting the Magok technology exchange support project, from signing business agreements through technology exchange with universities and hospitals to product commercialization.

Farmsville and WellsBio, selected for the Magok technology exchange support project, signed business agreements with Ewha Medical Center regarding clinical development research and succeeded in product development and commercialization through joint research.

A Farmsville representative stated, “The raw materials developed through the Seoul City support project in 2020 were quickly commercialized into products, providing a foundation for the company’s growth,” and added, “We expect that the expansion of support projects will accelerate R&D technology commercialization, greatly contributing to companies securing competitiveness.”

A WellsBio representative said, “Through last year’s Seoul City support project, we completed joint clinical research on in vitro diagnostic medical devices with Ewha Medical Center and achieved results in clinical evaluation for verification of the second prototype development,” and added, “Thanks to Seoul City’s support project design and practical support tailored to companies for product commercialization, we were able to achieve results in a short period.”

Seoul City plans to recruit four companies starting in March with a total project budget of 200 million KRW to establish a win-win cooperation foundation for convergence R&D within the Magok Industrial Complex. The target is small and medium-sized enterprises residing in the Magok Industrial Complex. Companies selected for excellent research projects will receive support for technology and product development through joint research with academia-industry-hospital partnerships, clinical trials, new product consumer response surveys, market verification, and product commercialization.

Kim Sang-han, Head of the Regional Development Headquarters of Seoul City, said, “Through technology exchange based on mutual cooperation among innovation entities such as universities, hospitals, and large, medium, and small enterprises within the Magok Industrial Complex, we were able to produce genuine open innovation results beyond just MOUs,” and added, “We will create a future growth foundation so that innovation results can begin in Magok, the nation’s top convergence R&D complex.”

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