Incheon Free Economic Zone Authority Launches K-Bio Lab Hub Pilot Project to Support Pharmaceutical Bio Startups
Business Agreement Signed with TIPA
for Pilot Operation of K-Bio Lab Hub
Supporting Pharmaceutical and Bio Startups in Songdo
The Incheon Free Economic Zone Authority announced on the 13th that it has signed a memorandum of understanding (MOU) with the Korea Technology and Information Promotion Agency for SMEs (hereinafter referred to as TIPA) to promote the pilot project of the 'K-Bio Lab Hub.'
K-Bio Lab Hub is a specialized support facility that provides office space, laboratory equipment and facilities, support programs, and mentoring to foster global pharmaceutical and bio startups.
Attending the signing ceremony were Yoon Won-seok, head of the Incheon Free Economic Zone Authority, Kim Young-shin, president of TIPA, as well as representatives from the Ministry of SMEs and Startups, the K-Bio Lab Hub project promotion team, and the Incheon Center for Creative Economy and Innovation, among other related organizations.
The agreement includes support for establishing office and laboratory spaces (equipment) for pharmaceutical and bio startups. The Incheon Free Economic Zone Authority will entrust TIPA with the pilot operation of the K-Bio Lab Hub, currently under construction in Songdo International City, aiming for completion by 2028.
TIPA is a public institution under the Ministry of SMEs and Startups that specializes in supporting technological innovation and research and development (R&D) projects for small and medium enterprises. Additionally, the K-Bio Lab Hub project promotion team within TIPA will practically carry out the pilot project in collaboration with the Incheon Free Economic Zone Authority.
The pilot project will run from this year through 2027 to ensure the smooth initial establishment of the K-Bio Lab Hub facility upon its opening. Office spaces for eight startups will be provided at Yonsei University Industry-Academic Cooperation Building. Support will also include equipment utilization and networking through corporate meetings. The project will officially commence this month with a recruitment announcement, followed by the selection and onboarding of resident companies by next month.
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Yoon Won-seok, head of the Incheon Free Economic Zone Authority, stated, "Over the next three years, through the pilot project, we expect to fully reflect the voices from the pharmaceutical and bio startup field and accumulate unique business know-how for the K-Bio Lab Hub." He added, "We will do our best to ensure that the K-Bio Lab Hub serves as the focal point of the Songdo bio cluster ecosystem."
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