Pharmaceutical Bio Association and KEIT Sign MOU for Global Collaboration

At the business agreement signing ceremony held on the 8th at the Pharmaceutical Hall in Seocho-gu, Seoul, Jeon Yoon-jong, President of the Korea Institute for Advancement of Technology (left), and Won Hee-mok, Chairman of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association, are taking a commemorative photo. (Photo by Korea Pharmaceutical and Bio-Pharma Manufacturers Association)

[Asia Economy Reporter Chunhee Lee] The Korea Pharmaceutical and Bio-Pharma Manufacturers Association announced on the 9th that it signed a memorandum of understanding (MOU) with the Korea Evaluation Institute of Industrial Technology (KEIT) on the 8th at the Pharmaceutical Hall in Seocho-gu, Seoul, to share plans for expanding industrial research and development (R&D) and to strengthen global cooperation in the pharmaceutical and bio sectors.

KEIT is an R&D institution under the Ministry of Trade, Industry and Energy with a vision to promote technology-driven innovative growth and a technology-based industrial powerhouse. As part of the domestic industrial R&D open innovation policy, KEIT established a Global R&D Support Center within the organization in April last year and has been expanding 'Global R&D' projects that involve excellent overseas research institutions participating in industrial R&D. Through this, KEIT aims to create outstanding technological development achievements reflecting global technology trends and strengthen the global competitiveness of Korea's industrial technology.

Through this MOU, the Association and KEIT agreed to cooperate on ▲supporting Korean companies' entry into the U.S. market ▲discovering global excellent research institutions and companies using overseas networks ▲exchanging domestic and international information related to the pharmaceutical and bio industries and hosting events ▲and other matters recognized as necessary for cooperation between the two organizations.

Both organizations plan to support the overseas expansion and global R&D cooperation of domestic pharmaceutical and bio companies centered on the Boston cluster in the United States, considered the world's largest bio cluster. Boston is evaluated as having a dynamic pharmaceutical and bio industry ecosystem where universities, hospitals, large pharmaceutical company research institutes, and capital circulate in a virtuous cycle.

In January, the Association signed a tripartite MOU with the Consulate General in Boston and the Korea Health Industry Development Institute, supporting the entry of 12 domestic pharmaceutical and bio companies, including Yuhan Corporation and Hanmi Pharmaceutical, into the Cambridge Innovation Center (CIC) in Boston. Through this MOU, the Association plans to strengthen its local U.S. network and accelerate technological cooperation and commercialization.

Won Hee-mok, chairman of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association, said, “The Association is implementing a global open innovation strategy to strengthen networks with government agencies, organizations, and companies for the global market entry of the domestic pharmaceutical and bio industry. We will support the development of global blockbuster new drugs and lead the leap to becoming a pharmaceutical and bio powerhouse.” Jeon Yoon-jong, president of KEIT, also stated, “This MOU will serve as an opportunity to establish a new planning model that discovers global R&D themes locally based on the overseas networks held by the Association.”

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