보건복지부 영문홈페이지

Korea-U.S. Digital and Bio-Health Business Forum
Held in Boston, U.S.

To support global expansion of Korean companies and expand bilateral cooperation

10 deals concluded, including a technology export contract (worth approx. KRW 635.3 billion with Daewoong Pharmaceuticals) and memorandums of understanding (MOUs)

Resident companies at CIC, a leading shared office space in Boston to be increased to 20 companies

<Summary>

The Ministry of Health and Welfare (Minister Cho, KyooHong) and the Korea Health Industry Development Institute (President Cha, SoonDo) held the “Korea-U.S. Digital and Bio-Health Business Forum” (“the Business Forum” hereinafter) on April 27 at 4 p.m. (local time) in Boston, U.S., which was attended by Korean and U.S. corporations.

The Business Forum was fueled by President Yoon Suk Yeol’s state visit on the 70th anniversary of the Korea-U.S. alliance, which would evolve into a technology alliance from a traditional military and economic alliance, and aims at strengthening bilateral cooperation among companies from both countries in the field of digital and bio-health.

The forum provided an opportunity to review the results of the “K-Blockbuster U.S. Expansion Support Project” involving 20 Korean companies, which seeks to support Korean companies in establishing their global market presence and to discuss global expansion strategies for even more Korean companies. During the event, a total of 10 deals were signed, including one export contract for a new drug candidate and nine MOUs for cooperation in the fields of digital healthcare, bio-pharmaceuticals and medical devices, signifying that tangible results in creating the new markets are achieved. The export contract and MOUs are expected to create approximately KRW 670 billion in economic benefits and a significant long-term boost to the economy as well.

A total of over 100 people attended the Business Forum, including Im In-taek, Director General of the Office for Healthcare Policy under the Ministry of Health and Welfare, President Cha Soondo of the Korea Health Industry Development Institute (KHIDI), representatives of 20 resident companies at C&D Incubation Office** within the Cambridge Innovation Center* (hereinafter CIC), in addition to 19 Korean and U.S. companies that are parties to MOUs, representatives of Korean companies operating in the U.S., and industry experts.

Part 1 of the Business Forum highlighted the move-in ceremony for C&D Incubation Office resident companies, a presentation by Genosco CEO John Koh, and presentations by six companies* about their U.S. market entry strategies and results.

* Yuhan USA, Huons USA, Dong-A ST, Daewoong Pharmaceutical, Kakao Healthcare, and GMS

Part 2 featured 10 signing ceremonies for the newdrug candidate technology export contract with Daewoong Pharmaceutical (worth approximately KRW 635.3 billion) and nine MOUs on digital healthcare, bio-pharmaceuticals and medical devices.

Director General Im said, “It marks a milestone that companies leading the initiatives to develop new markets through cooperation with global companies have gathered together for a forum in Boston, a world-renowned venue for the digital and bio-health industry.” He added, “The government will duly implement the ‘Strategies to Create New Bio-Health Markets’ announced on February 28, with tireless efforts to support the successful expansion of Korean companies to the U.S. market.”

President Cha Soondo of the Korea Health Industry Development Institute then said, “The C&D Incubation Office opened in Boston, a global bio-tech mecca, serves as a gateway for U.S. market expansion of Korean digital and bio-health companies and helping them achieve tangible results through innovation,” and added, “We will do our best to ensure that the export contract and MOUs that have been secured today will lead to further cooperation between Korea and the U.S.” ///