"Korean Biotech Has World-Class Technology... Needs Stronger Storytelling and Business Development Skills"

'Bio Korea 2026' Media Interview on April 28
Challenges for Korean Companies Highlighted by Global Investors
Big Pharma Partnerships Hinge on Clinical Advancement
Ecosystem Maturity Needed: Early-Stage Investment and Transparency

"I have seen cases where, even with the same assets or technologies, the valuation differed by a factor of ten within just three months depending on who was in charge of business development. If a company has robust data, strengthening proper storytelling and a culture of business development can lead to much greater success."

Global healthcare investment experts shared these insights during a media interview at "Bio Korea 2026," held at COEX in Gangnam-gu, Seoul, on April 28, 2026. The panel included Jason Hill, Lead at the Nordic healthcare accelerator Vertical; Jean-Christophe Lenon Dang, Managing Partner of Vesalius Biocapital, a Europe-based healthcare-focused venture investment institution and former head of healthcare investment at the Oman Sovereign Wealth Fund; and Yang Feng, CEO of Blue Ocean Capital, which is based in China and Hong Kong with more than $1 billion in life sciences investments.

Jean-Christophe Renondin, Managing Partner at Vesalius Biocapital, Peng Yang, CEO of Blue Ocean Capital, and Jason Hill, Vertical Lead (from left), are speaking at a media interview for 'BIO KOREA 2026' held on the 28th at COEX in Gangnam-gu, Seoul. Photo by Minjae Kwak

They unanimously gave high marks to the technological capabilities of Korean bio and healthcare companies. Jason Hill, who has supported numerous Korean digital healthcare companies entering the European market, said, "Outstanding scientific technology, clinical data, and globally competitive development speed are all aspects recognized by global investors." CEO Yang Feng added, "I felt this again during direct meetings with major biotech companies yesterday—Korean companies truly have excellent technology." Managing Partner Lenon Dang highlighted Korea's strength in contract development and manufacturing organization (CDMO), where the country ranks first or second globally, as well as the contribution of large conglomerate affiliates like Samsung to the growth of the biotech ecosystem.

However, the areas for improvement they pointed out were all outside the realm of pure technology. Both Jason Hill and Yang Feng emphasized the lack of storytelling and business development capabilities. Jason Hill noted, "It's not merely a language barrier—there seems to be a lack of storytelling that translates technical and scientific strengths into compelling narratives to persuade investors and corporate partners." He added, "If companies can articulate what problems their products solve, for whom, and why it matters, many Korean firms could benefit greatly."

Yang Feng remarked, "This is not just a problem unique to Korea—China faces similar issues," adding that "although Asian companies work hard and efficiently, they struggle with business development aimed at the US and European markets." He went on to say, "By strengthening a business development culture that builds proper storytelling, networks, and partnerships, much greater success can be achieved."

Global investors are speaking at a conference session of 'Bio Korea 2026' held at COEX, Seoul on the 28th. Photo by Kwak Minjae

The maturity of Korea's investment ecosystem was also cited as a challenge. CEO Yang Feng commented, "Korean investors tend to prefer late-stage companies for the sake of stability, but in China, the proportion of early-stage investments led by the private sector has recently increased." He added, "Although early-stage investments are riskier, if due diligence and evaluation are conducted appropriately, much higher returns can be targeted." Managing Partner Lenon Dang pointed out, "Like in the US and Europe, there needs to be more transparent disclosure of financial information, and investors and management should work together to envision the company's long-term development, rather than focusing solely on IPO exits."

Clinical stage progress was emphasized as a prerequisite for global partnerships. Managing Partner Lenon Dang stated, "Unless a technology is truly groundbreaking, big pharma these days rarely considers companies that have only completed Phase 1 clinical trials." He explained, "To attract attention from big pharma, companies need to reach at least Phase 2a, which demonstrates not only human safety but also efficacy." Jason Hill stressed, "Partnerships are built on trust, not just technology. Companies must be able to collaborate closely and communicate what value they can jointly create while working together in close proximity."

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