Korean Pharmaceutical and Bio Companies Accelerate Entry into U.S. Bio Cluster

Seven Companies, Including Daewoong Pharmaceutical and Hanmi Pharmaceutical, Complete Move-In
Korean Pharma and Bio Firms Accelerate Entry into Boston's Bio-Innovation Hub
CIC Network to Strengthen Collaboration and Investment Opportunities

Exterior view of Korea Pharmaceutical and Bio-Pharma Manufacturers Association in Seocho, Seoul (Photo by Korea Pharmaceutical and Bio-Pharma Manufacturers Association)

[Asia Economy, reporter Kim Jihee] The Korea Pharmaceutical and Bio-Pharma Manufacturers Association announced on August 19 that seven domestic pharmaceutical and bio companies and institutions have completed their move-in to the Cambridge Innovation Center (CIC) in Boston, which is recognized as a hub of the U.S. bio-innovation ecosystem.

Starting with GC Green Cross and Yuhan Corporation in 2019, Korea Health Industry Development Institute, AI-driven drug discovery company PharmCADD, digital therapeutics developer Welt, Daewoong Pharmaceutical, and Hanmi Pharmaceutical have recently completed their move-in. Several other pharmaceutical and bio companies are also considering moving into the CIC in the second half of the year.

The Boston biocluster, home to over 1,000 pharmaceutical and bio companies worldwide, is the world’s largest bio-industrial complex, creating more than 74,000 jobs and generating an economic impact of over $2 trillion. Korean pharmaceutical and bio companies entering this cluster plan to pursue research and development collaborations, expand local networks, accelerate ongoing projects, establish business development strategies, and identify and invest in promising biotech startups.

Previously, in March last year, the association launched a project to support domestic companies in entering the CIC, aiming to secure a foothold in the global open innovation ecosystem. To this end, the association operated a local U.S. expert advisory group in areas such as patents and legal affairs, business development, investment, clinical trials, regulatory affairs, and networking, providing online consulting. Online networking sessions with local companies and institutions were also conducted.

The association stated, "With the Korea Health Industry Development Institute opening its U.S. branch in Boston, this will serve as a starting point for further collaboration with local diplomatic missions such as the Boston Consulate General and the U.S. Embassy, thereby accelerating the entry of domestic companies into the U.S. market." The association also added, "As companies are moving into the CIC at an increasing pace, we will further strengthen networking between our companies and local investors, startups, and pharmaceutical and bio companies by leveraging the CIC network."

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