The Korea Health Industry Development Institute (KHIDI) agreed with Johnson & Johnson Tuesday to cooperate for fostering startups that have promising biotechnology technology, in Hongneung Biomedical Cluster scheduled to open in July.
The memorandum of understanding signed by the state agency and the global healthcare giant calls for setting up a partnering office of Johnson & Johnson in the cluster, sponsoring a joint program to discover promising startups, and holding forums and seminars for selecting superior technologies and ventures, the institute said. “Through these programs, we would seek to establish a persistent cooperative network with Johnson & Johnson,” an official said.
The cluster located in northern Seoul, also known as the “Seoul Bio Hub,” is aimed to speed up the commercialization of technology, develop tech-oriented startups and establish cooperative networks between local and foreign institutions through gathering source technology developed by hospitals, universities, and businesses.
Among attendants at the signing ceremony were Lee Young-chan, president of KHIDI, Seoul Mayor Park Won-soon, Vladimir Makatsaria, chairman of Johnson & Johnson’s Asia-Pacific Medical Division, and Dong Wu, Asia-Pacific regional representative of Johnson & Johnson Innovation.
"KHIDI will make the most of its specialized capability and networks to make this a win-win opportunity for both the institute and the Seoul City to develop this industry and related businesses through the ‘Seoul Bio Hub,” Lee said. “We also expect our cooperation with Johnson & Johnson will help to create a significant ecosystem for bio startups.”
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