As I attended the J.P. Morgan Healthcare Conference this year, I couldn't help but reflect on the decade-long journey since my first participation in 2015. The gathering, now attracting over 50,000 participants, has transformed into a bustling hub for global business development, research, and investment in healthcare, a domain predominantly led by advanced economies.

The conference, a prestigious event sponsored by global investment bank J.P. Morgan for 42 years, is held at the landmark Westin St. Francis Hotel. Despite its scale, the representation from diverse Asian countries remains limited, with Japan, Korea, and China being the notable participants from the region.

Ten years ago, I, as the head of a domestic pharmaceutical company, aspired to stand on this grand stage, which seemed unattainable at that time for any Korean enterprise. Finally, after a decade, my dream came true as the CEO of SK biopharmaceuticals, achieving a personal bucket list goal. With unending ambition, I hope to present differently if invited again next year.

The pharmaceutical and biotech industry, which is currently steered by the U.S. and Europe, underscores a nation's advancement by its ability to set standards.

The semiconductor industry, led by Korea through companies like Samsung and SK Hynix, is a testament to this. Similarly, in pharmaceuticals, the U.S. FDA and multinational pharmaceutical companies set the research and development paradigms.

This directional focus of the industry is akin to a concentrated vector, influencing the global trajectory of healthcare innovation with everyone in the pharmaceutical and biotech industry rushing in the direction the FDA and multinational pharmaceutical companies point, treating diseases and creating side effects in the process.

China has challenged this U.S.-centric standard-setting in recent years, but with limited success. The reason behind the U.S.'s strengthening position, I believe, is its ability to attract and nurture talent.

Graduates with advanced degrees in relevant fields often aspire to work with pharmaceutical companies or organizations like the FDA and NIH. These professionals, educated and trained under the American standard, eventually return to their home countries, perpetuating the U.S.-centric scientific thought process and standards.

Then where does Korea stand?

During the J.P. Morgan Healthcare Conference, I participated in “Korea Night,” a networking event for over 500 healthcare professionals.

The evolution of this event from a noisy gathering in a Korean restaurant to a sophisticated venue with diverse attendees mirrors the growth and rising stature of Korea's pharmaceutical and biotech industry. The energy and ambition reminiscent of Japan's pharmaceutical companies two decades ago are now palpable in Korean enterprises.

About 15-20 years ago, Japanese pharmaceutical companies started entering the U.S. market and since then, more than six Japanese pharmaceutical companies have entered the world's top 50, gaining confidence from selling new drugs in the U.S. and growing through aggressive M&A.

SK biopharmaceuticals is currently the only Korean company selling its drugs directly in the U.S., but I expect more Korean companies to follow. They will likely grow through investments and acquisitions, similar to the Japanese model.

However, a note of caution: as companies grow and reach their peak, there's a tendency to shift focus from aggressive expansion to maintaining the status quo. It's essential for Korean companies to remain vigilant against this complacency.

What is class?

During a breakfast meeting with a junior colleague, the topic of class in interactions came up as my colleague asked me about my approachable nature, even with junior staff and young people in society.

I joked about our breakfast as an example of breaking conventional norms.

In my first executive meeting as CEO, I changed the seating arrangement to facilitate better conversation, illustrating my approach to leadership. Society often views new approaches as radical, but I see them as necessary changes.

This anecdote led to a broader contemplation of ‘class' in professional settings.

Leading an industrial study group, I often hear, people ask me why I speak with youngsters or if I understand anything that they are saying.

However, the most response I get when I tell them I regularly meet with me junior employees is that it does not fit my class.

My response is always that I learn a lot from them, more than they might think. This shows a misunderstanding of what class truly means.

I believe class encompasses more than maintaining a status quo based on one's position or title.

It's about inclusivity, understanding, and fostering growth across all levels. This ethos was embodied by a senior figure in the industry, Rhee Byung-geon, who is the current CEO and Chairman of GI Innovation, as he significantly contributed to establishing the Korea Night and advancing Korean participation in the global pharmaceutical landscape.

Rhee, a first-generation figure in Korean pharmaceutical and biotech research and development is still actively involved in the industry, but the reason I mention him goes beyond this.

In 2011, he was the first from a Korean company to be invited to present at the J.P. Morgan Healthcare Conference and has since continuously supported and sponsored Korea Night, an event for Koreans, and now oversees it like a respected elder.

His presence has enabled Koreans to gather in San Francisco's Union Square, dominated by Westerners, to dine, drink, and converse.

He embodies the word class by accommodating even those juniors to him and facilitating their growth and network enhancement, thus contributing to the advancement of the industry.

As seen through Rhee, true class is not about maintaining one's status, clothing, or who you hang out with, but about the ability to look beyond and show inclusive interest, care, and affection.

Observing Rhee has made me reflect on what kind of class I should aspire to in the future.