BOSTON, Mass. -- By Lee Han-soo/Korea Biomedical Review correspondent -- As the 2023 BIO International Convention (BIO 2023) concluded its four-day run on Thursday (local time), Korean pharmaceutical companies showcased their unwavering dedication to advancing healthcare and solidified their position as pivotal contributors in the global biopharmaceutical arena.

Korea has undergone a notable transformation in the biopharmaceutical field, transitioning from a peripheral presence to becoming a prominent player in the global bio industry.

The shift was clearly evident during this year's convention, as bio stakeholders from around the world displayed immense interest in the trends and technologies offered by Korean bio companies.

According to the Biotechnology Innovation Organization (BIO), the organizer of BIO 2023, Korea had the second-largest number of companies participating in the event after the U.S.

Korean companies ended the conference with a big success as partnering meetings with Korean companies increased by 64 percent compared to the previous year.

According to the Korea Biotechnology Industry Organization (BIO) and Korea Trade-Investment Promotion Agency (KOTRA), the Korea Pavilion, participated by 16 companies including Binex and Eubiologics, saw a total of 394 official business meetings, compared to 240 partnerships at last year's BIO International Convention. 

Aside from the Korea Pavilion, Samsung Biologics announced a major contract development and manufacturing organization (CDMO) order worth 53.5 billion won ($411 million) with Pfizer during the BIO International Convention.

The latest contract is Samsung Biologics' largest partnership agreement since the AstraZeneca contract, which was valued at $359.7 million. The deal accounted for 17.83 percent of Samsung Biologics' sales last year.

Celltrion also saw a surge in partnering meetings as it expanded its capabilities as a drug developer beyond the biosimilars. 

The total number of formal meetings during the event tripled compared to last year to 190 and the company's booth also attracted 613 visitors from global biopharmaceutical companies.

"We organized open meeting spaces and private meeting rooms and held meetings with various global companies," a company official said. "Through such meeting, we examined various ways to expand our business, including joint development, open innovation, and mergers and acquisitions."

Lotte Biologics also set up a meeting table and a private meeting room inside the booth to conduct pre-arranged partnership meetings on CDMO contracts with more than 30 domestic and foreign major global pharmaceutical companies.

"At BIO International, we had in-depth discussions on our mid- to long-term business capabilities with various global pharmaceutical companies," a company official told Korea Biomedical Review. 

In light of the escalating interest in Korea's bio-sector, Korea Biomedical Review recently conducted an interview with Noh Yun-hong, chairman of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association (KPBMA), to gain insights into the current standing of Korea's biopharmaceutical sector and to identify the necessary steps moving forward.

"When I visited BIO 2023, I could feel the enthusiasm and high interest of overseas stakeholders in the Korean biopharma industry," Noh said. "However, the convention also showed me that more innovation and efforts will be needed to differentiate Korea's biopharmaceutical industry from other countries."

During his visit to Boston, widely recognized as one of the premier bioclusters globally, Noh observed that greater industry attention and concerted efforts are imperative for Korea to successfully penetrate the global market.

When questioned about the KPBMA's strategy to assist local biopharmaceutical companies in achieving global recognition, Noh said the association is actively promoting its vision of spearheading Korea's health and economy by establishing itself as a dominant force in the global pharmaceutical industry.

"Our goal is to establish pharmaceutical sovereignty and build an open innovation ecosystem," he said. "We aim to lay such a foundation by participating in various overseas conventions, including the BIO International Convention," Noh said.

KPBMA expanded its network during the convention by visiting various organizations, such as the Cambridge Innovation Center (CIC) and MIT Industrial Liaison Program, as well as bio venture start-ups and research institutes.

KPMBA to also provide all-out support domestically

To support the internationalization of Korea biopharmaceutical companies domestically, Noh stressed that the association provides various programs, such as K-MELLODY (Machine Learning Ledger Orchestration for Drug Discovery project) and K-SPACE (Korea Superior Pharma-pipeline Accelerating Collaboration Evolution Platform).

K-MELLODY is an AI-based drug development platform project jointly promoted by the Ministry of Health and Welfare and the Ministry of Science and ICT and will be implemented next year and will last for five years.

"The K-MELLODDY project is a multi-institutional public-private partnership project that utilizes an AI technology called "federate learning," which builds an AI drug development platform by storing the data of all participating institutions, from public institutions and pharmaceutical companies, in one place without leaking internal data to the outside world," Noh said.

The K-Space Platform, established on Dec. 5, 2022, aims to create a new drug development ecosystem by promoting open innovation in the pharmaceutical and biotechnology industry.

"As of June 2023, more than 2,000 pipelines from companies and universities have been uploaded," Noh said. "It is not just a pipeline library as the association plans to implement an online technology trading platform representing the industry by utilizing tools such as online real-time IR and technology valuation in the future."

Noh stressed that K-SPACE will help vitalize the new drug development ecosystem through open innovation and contribute to job creation.

Vision for Korean version of Boston biocluster

During the interview, Noh also commented on what is most needed for Korea to build its own "Boston Biocluster."

Noh's remarks follow the government announcing a plan to foster a global cluster of high-tech industries through a meeting chaired by President Yoon Suk Yeol on May 1.

President Yoon vowed to create a "Korean-style Boston cluster” because national security and high-tech industries were directly linked.

Tthe idea of fusing and utilizing the strengths of domestic institutions and Boston to develop the domestic bio-industry is welcoming news since it is no longer possible for a single company to achieve success through independent investment, he said.

Plus, the establishment of a bio cluster that breaks down the boundaries between industry, academia, federal and local governments is essential for creating an innovation ecosystem, he added.

Noh explained that bio clusters in advanced countries such as the U.S. and Europe have well-developed support systems from licensing, preclinical, and commercialization.

"In order for this virtuous cycle to occur, the government should support the expansion of bio clusters and enable them to grow through cooperation between companies," Noh said.