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NEWS

State agency opens C&D incubation center in Boston

Writer : Soo Yeon Choi
Date : 2022-09-15 16:14:51
views : 250

 

 

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The Ministry of Health and Welfare and the Korea Health Industry Development Institute opened a C&D (connect and develop) incubation center at the Cambridge Innovation Center (CIC) in Boston, Mass., on Wednesday (EST).

The ministry and the institute set up the C&D incubation center, named Korea Bio-Innovation Center (KBIC), in the CIC to promote Korean blockbuster drugs’ U.S. advances, as many bio-health companies are gathered there.

KBIC supports the efforts of Korean biopharmaceutical companies wishing to enter the United States. According to the state institute, the center is responsible for providing sector-specific consulting and professional information through local professional consultants and participating in seminars and conference-related forums
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The center also serves as a mediator between Korea and the U.S., providing systematic corporate support to strengthen their global expansion capabilities. It will also support the medical device and cosmetics industries, including domestic digital treatments (DTx) and healthcare.

During the opening ceremony, some tenant companies, including Riplex Science, AriBio, Yuhan USA, Hanmi Pharmaceutical, and Huons USA, presented their R&D pipelines, plans, and aspirations to enter the U.S market.

In February, the institute selected 10 Korean companies -- Liflex Science, Voronoi, Aribio, Yuhan USA, Welt, Ildong Pharmaceutical, Ildong Pharmaceutical, Illimis Therapeutics, Generos, Hanmi Pharmaceutical, and Huons USA -- through a public offering. It will help them settle in CIC by supporting rents and convenience facilities for three years.

Three consulting companies -- BM Biomed, Cura Precision Biomed, and W Medical Strategy Group -- will provide close mentorship through customized consulting in legal advice, clinical, licensing, and technology transactions.

The center will receive applications in advance from other companies wishing to enter the U.S. through the membership system and will provide consulting services for them. Membership recruitment will regularly open from June.

"To promote the Korean biopharmaceutical industry, KHIDI will spare no effort to support their global expansion." KHIDI President Kwon Soon-man said.

 











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