Korean Pharmaceutical Bio Association and US Biocom Sign MOU... "Building a Global Network"

Establishing a Global Network in the Western San Diego Area

On the 12th (local time), the Korea Pharmaceutical and Bio-Pharma Manufacturers Association announced on the 13th that it signed a Memorandum of Understanding (MOU) with BIOCOM California at Alexandria GradLabs in San Diego, USA.

BIOCOM, headquartered in California, USA, is a life sciences organization with over 1,700 member companies including global pharmaceutical firms, bio-ventures, venture capital (VC) firms, and contract research organizations (CROs). It collaborates with the government to create an environment where life science companies can develop and commercialize innovative products and technologies by promoting industry network building, securing funding, and introducing advanced educational programs.

Through this MOU, both parties expect continuous cooperation in ▲strengthening networks among member companies ▲sharing information on pharmaceutical regulations, markets, and investment activities ▲hosting seminars, exhibitions, and forums.

In particular, the association plans to expand the scope of its ongoing Global Open Innovation (GOI) activities through this MOU. San Diego, located in California on the U.S. West Coast, is a region where various pharmaceutical and bio companies, research institutes, and universities gather to form an innovative ecosystem. It is considered one of the three major bio clusters in the U.S., along with Boston and San Francisco. San Diego is home to the Salk Institute, Scripps Research Institute, the nonprofit advisory organization San Diego Economic Development Corporation (EDC), as well as research centers of global pharmaceutical companies such as Pfizer, Merck, and Novartis.

According to BIOCOM, the California bio cluster, including San Diego, housed approximately 11,000 pharmaceutical and bio companies as of 2020. These companies employ about 488,000 people and generate an economic impact of approximately $405 billion (about 510 trillion KRW).

No Yeonhong, Chairman of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association, stated, "Korea has been a long-standing ally of the U.S. for over 80 years, and through recent state visits by President Yoon Suk-yeol, we have confirmed that Korea will be an excellent partner in the U.S.'s post-COVID supply chain diversification policies." He added, "Through this MOU with BIOCOM, the association will accelerate the global market entry of Korea’s pharmaceutical and bio industries and realize the dream of becoming a pharmaceutical and bio powerhouse."

Joe Panetta, CEO of BIOCOM, said, "BIOCOM and the Korea Pharmaceutical and Bio-Pharma Manufacturers Association will strengthen mutual cooperation in economics, trade, and investment between the two countries beyond borders." He added, "This agreement provided an opportunity for our partners from Korea to build strong ties with California and actively participate in the life sciences community."

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