Bosanjin Supporting K-Bio's Entry into the US... Recruiting Tenants for Boston C&D Office

The Korea Health Industry Development Institute announced on the 24th that it is accepting applications for resident companies at the 'C&D Incubation Office' located within the Cambridge Innovation Center (CIC) in Cambridge, near Boston, Massachusetts, USA. Convergence & Development (C&D) refers to a company's technology acquisition method that combines internal intellectual property with external intellectual property to develop superior products.

The Cambridge Innovation Center (CIC) building located in Cambridge, Boston, USA
Photo by Lee Chunhee

This project, conducted as part of the K-Blockbuster Global Expansion Project to strengthen the global advancement of domestic companies, supports residency at the C&D Incubation Office established by the institute within CIC. CIC, a shared office opened in 1999, is located within 2.9 km² (1 square mile) and houses headquarters or major bases of cutting-edge IT and biotech companies such as Google, Facebook, Biogen, and Moderna, as well as venture capital (VC), universities like Harvard University and the Massachusetts Institute of Technology (MIT), hospitals, startup spaces, coffee shops, restaurants, and parks. It is situated in Cambridge’s 'Kendall Square,' known as the 'most innovative place in the world,' serving as a hub for diverse exchanges. Android, Google's mobile operating system (OS), also originated at CIC.

The C&D Incubation Office resident company support project began by supporting 10 companies in 2022 and expanded to 20 companies last year. The supported companies range from traditional pharmaceutical firms such as Yuhan USA, Huons USA, Dong-A ST, and JW Pharmaceutical to biotech companies like Aribio and Voronoi, as well as advanced bio-healthcare companies involved in AI drug discovery or digital healthcare such as Standigm, Welt, and Hi. Kim Yong-woo, head of the Pharmaceutical Bio Industry Division at the institute, said, "Since the opening of the C&D Incubation Office, there has been high satisfaction and increasing demand," adding, "This year, we plan to expand the support target to a total of 30 companies, including existing resident companies."

The marker stone of Kendall Square in Cambridge, Massachusetts, USA, inscribed with "The Most Innovative One Square Mile in the World"
Photo by Lee Chunhee

The recruitment target is domestic pharmaceutical and bio-related companies wishing to enter the U.S. market, and approximately 12 new resident companies will be selected. Innovative pharmaceutical companies will receive preferential scoring. Companies wishing to apply should check the recruitment announcement on the institute’s website by the 13th of next month and submit required documents such as business plans via email to the person in charge.

After screening, the companies finally selected on the 20th of next month will receive support for a basic period of one year, up to a maximum of three years. Type A, which supports separate offices (4 companies), provides up to 1.2 million KRW per company for rent, while Type B, which uses a separate shared office prepared by the institute (8 companies), has no rent. Although the basic rent at CIC requires paying about $10,000 USD (approximately 13.4 million KRW) per month for just one desk, using the C&D Office project allows for more affordable use. Additionally, various benefits such as global expansion consulting, participation in local events, and networking support are available.

Kim Yong-woo stated, "We will continue to actively support our pharmaceutical and bio companies in securing a foothold for U.S. expansion at CIC, the center of the Boston bio cluster, and expanding global partnerships."

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