Seoul City-Korea Novartis Jointly Discover Bio and Medical Innovation Startups

Winning Companies Move into Seoul Bio Hub... Customized Growth Support Including Research Funding, Novartis Mentoring, and Overseas Expansion
Applications Open Until August 5, Available for Startups Under 7 Years and Prospective Entrepreneurs in Bio and Digital Healthcare Fields

[Asia Economy Reporter Lim Cheol-young] The Seoul Metropolitan Government announced on the 31st that it will jointly host the 2nd ‘Health X-Challenge Seoul’ with Korea Novartis and the Korea Health Industry Development Institute to discover outstanding companies in the bio and digital health sectors.

The two companies selected in the final round will receive a research grant of 40 million KRW, a two-year residency at Seoul Bio Hub, and various corporate growth programs to support overseas expansion, including intensive mentoring from Korea Novartis.

‘Health X-Challenge Seoul’ is a global open innovation program introduced domestically from the ‘HealthX World Series’ hosted by Novartis since 2018.

In Korea, it was held for the first time last year in Seoul, selecting and supporting two companies in the fields of rare diseases and early diagnosis of pediatric diseases. In last year’s inaugural ‘Health X-Challenge Seoul,’ Humanscape (rare diseases) and CareTree (early diagnosis of pediatric diseases) were selected as the final winning teams.

In this 2nd ‘Health X-Challenge Seoul,’ bio and medical startups with innovative technologies in two fields?hereditary retinal diseases and EMR (Electronic Medical Record) data analysis?will be discovered and nurtured.

Regardless of nationality, any bio or medical startup or prospective entrepreneur (excluding those holding medical licenses) established within the last seven years can apply. Applications will be accepted from June 1 to August 5 on the official ‘Health X-Challenge Seoul’ Facebook page.

The final winning companies will receive research grants and residency benefits at Seoul Bio Hub. Additionally, various programs for global expansion, such as expert mentoring by Korea Novartis, global network linkage, and prototype research and development, will be provided.

Kim Ui-seung, Director of Economic Policy at the Seoul Metropolitan Government, said, “This ‘Health X-Challenge Seoul’ will be a great opportunity for startups with outstanding technology in the bio and medical fields to collaborate with global companies that have worldwide networks.” He added, “Seoul will continue to expand cooperation with global companies and actively support the overseas expansion of K-bio startups leading the ‘New Normal Era.’”

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