Seven Korean pharmaceutical and biotech companies have moved into a major U.S. bio cluster in Boston, Massachusetts, to boost R&D and expand their network in the U.S.

On Thursday, Korea Pharmaceutical and Bio-Pharma Manufacturers Association (KPBMA) said seven Korean drugmakers have settled in the Cambridge Innovation Center (CIC), a real estate service for entrepreneurs in Boston.

In 2019, GC Pharma and Yuhan Corp. moved into the CIC for the first time as Korean companies. Recently, the Korea Health Industry Development Institute (KHIDI), AI-using new drug developer PharmCADD, digital therapeutics developer WELT, Daewoong Pharmaceutical, and Hanmi Pharmaceutical have completed their occupancy at the CIC.

The bio cluster in Boston offers workplaces for over 1,000 pharmaceutical and biotech companies worldwide, providing over 74,000 jobs.

It is the world’s largest bio cluster generating over $2 trillion worth of economic effect, KPBMA said.

Korean companies at the CIC in Boston aim to boost R&D, expand the local network, speed up ongoing projects, establish business strategies, and discover and invest in biotech firms and startups with promising technologies.

To help Korean companies secure a base for open global innovation, KPBMA started the CIC entry project in March 2020.

The association operated an advisory group of experts in the U.S. in fields such as patent/law, business development, investment, clinical trials, licensing, and networking. Then, the advisory group provided online consulting for Korean companies and helped them secure online networks with local companies and institutions.

For Korean CIC tenant companies, KPBMA said it would provide $700 monthly by August 2022 or support half of the companies' rent by August 2023.

The association also helps Korean CIC tenant companies get advice from local experts, build local networks, operate shared offices, and settle in the CIC.

The KHIDI’s U.S. branch in Boston, which opened on Wednesday, will collaborate with the Consulate General of Korea in Boston to accelerate Korean companies’ entry into the U.S. market, KPBMA said.

“As more Korean companies are entering the CIC, they are expected to strengthen networking with U.S. investment firms, startups, and pharmaceutical/biotech companies,” an official at KPBMA said.