Supporting K-Bio's Entry into the US... Assistance Including Boston Residency for 10 Companies

[Asia Economy New York=Special Correspondent Joselgina] The public project 'K-Blockbuster Project' aimed at supporting the entry of Korean companies into Boston, USA, the global hub of the pharmaceutical and bio industry, is set to be launched in earnest.

The Ministry of Health and Welfare and the Korea Health Industry Development Institute (KHIDI) held a press briefing on the 28th (local time) in Teaneck, New Jersey, announcing the launch of the Boston branch as a control tower to support pharmaceutical and bio companies, along with the commencement of the K-Blockbuster Project.

The 10 companies selected as K-Blockbuster support targets are RifleX Science, Voronoi, Aribio, Yuhan USA, Welt, Ildong Pharmaceutical, Illimisterapeutics, Generos, Hanmi Pharmaceutical, and Huons USA.

Previously, KHIDI established the Boston branch at the Cambridge Innovation Center (CIC) near Boston, launched the 'C&D Incubator Center' in January to support Korean companies, and selected 10 companies as support targets through a public contest in February.

KHIDI plans to provide customized consulting necessary for entry into the US market, including corporate establishment, technology transfer, regulatory approval, and local clinical trials, by selecting three specialized consulting firms including W Medical Strategy Group.

Park Soon-man, head of KHIDI's US branch, said, "Boston is the city with the best-established biopharma ecosystem in the world," adding, "By the end of the year, it is expected that 30 companies will have entered, including about 20 Korean companies already established and the 10 companies we are supporting."

Kim Young-ok, planning director of KHIDI, emphasized, "To grow biohealth as a future growth industry, we cannot only look at the domestic market," and added, "We will support the Korean pharmaceutical and bio industry in various ways to firmly establish global competitiveness in advanced markets starting with Boston."

In addition, KHIDI plans to cooperate with prestigious research institutions such as the Massachusetts Institute of Technology (MIT) research labs near CIC and the Broad Institute jointly established by MIT and Harvard University to build a foundation for Korean companies to attract excellent researchers and promote joint research.

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