The recent buzz in the Korean stock market revolves around the ambitious Cancer Moonshot Initiative, which aims to reduce the death rate from cancer by more than 50 percent over the next 25 years, propelled by U.S. President Joe Biden's administration.

The interest in the Cancer Moonshot Initiative surged as Korean biotech companies began to announce their participation in CancerX, a public-private partnership led by the Digital Medicine Society and Moffitt Cancer Center.

The organization is practically leading the Cancer Moonshot Initiative.

Just six months after its establishment, CancerX revealed its list of 92 founding members. Among them, only Lunit was named among Korean biotech firms as a participant in Cancer X.

However, as many companies have since expressed their intention to participate, the number of Korean biotechs participating in CancerX has gradually increased, and a total of six companies have been confirmed.

In addition to Lunit, Prestige Biopharma, EDGC, CubeBio, GenCurix, and HLB Panagene have all announced that they have been accepted as members of CancerX.

This participation was not just a ceremonial acknowledgment as it reflected significantly on the stock market.

Notably, Lunit's stock price jumped to the upper limit on June 20, which is the day the company officially acknowledged its participation in CancerX.

The stock continued to rise over the next few weeks and rose as high as 201,500 won ($152) on July 13.

Similar stock boosts were observed for other companies joining CancerX, though there were a few exceptions.

Aside from the participating companies, several other Korean companies, such as Bertis, have expressed interest in joining CancerX, which may lead to more participation from domestic companies.

While the market fervor is undeniable, there are reasons for caution.

Firstly, CancerX's membership criteria have been met with some skepticism .

While it was once seen as a nod to a company's technological prowess, the platform now appears to be open to almost any company that applies. This unrestricted membership acceptance dilutes the distinction once granted to early members like Lunit.

When asked if there is a limit to the total number of participating companies, CancerX replied to Korea Biomedical Review that they are open to all those working in the field who share its vision and are committed to working collaboratively to achieve it.

However, industry watchers said such an open stance will make it difficult to gauge corporate technology prowess based solely on participation in CancerX if too many companies join.

"Participating companies have claimed that their participation in CancerX is a recognition of their technology, but the lack of minimum requirements in joining CancerX response makes it hard to believe that their technology has actually been recognized in the U.S.," an industry insider told Korea Biomedical Review.

Also, it is unclear what role Korean companies will play in the Cancer Moonshot Initiative.

While CancerX stated that its members are working on projects focused on digital innovation for equity and reducing financial burdens on cancer patients, the specifics or results of the study remain scant.

It's worth noting that the nature of this project doesn't directly align with the core mission of curing cancer but rather addresses the economic aspects of treatment.

In addition, the outcome of the U.S. elections in November could have a significant impact on the future of the Cancer Moonshot Initiative.

History has shown that a change in administration can pivot or altogether scrap existing projects, as seen when the Trump administration took over from the Obama era, effectively shelving the earlier version of the Cancer Moonshot Initiative.

While uncertainties remain, CancerX said it will unveil a significant announcement detailing its future projects as soon as next week when the information becomes public.

For now, the domestic bioindustry and stock market watch with bated breath if Korean companies' participation in the Cancer Moonshot Initiative offers promise and showcases their global ambitions.

Only time will reveal if the Korean companies' involvement will be a landmark achievement or merely a blip on the biotech radar.