The Korean Health Industry Development Institute (KHIDI) said it has started accepting applications from Korean healthcare companies that want to move into its Boston Connect and Development (C&D) Incubation Office,  located within the Cambridge Innovation Center (CIC) in Boston, Mass. 

KHIDI will accept submissions until 5:00 p.m. on Feb. 13. This initiative is part of KHIDI’s “K-Blockbuster Global Expansion Project,” aimed at bolstering the global presence of Korean companies.

The C&D Incubation Office offers a supportive environment for aspiring entrants.

CIC, established in 1999, is a shared office space situated in Boston's Kendall Square, renowned for fostering innovation and collaboration.

The project targets Korean pharmaceutical and biotech companies aspiring to enter the U.S. market, with the agency planning to select 12 new companies.

KHIDI stressed that companies that have received “innovative pharmaceutical company” certification will receive additional points during the selection process.

Selected companies will benefit from a range of supports, including up to 1.2 million won ($897) per month in rental subsidies for one year, extendable up to three years. Additional benefits include global market entry consulting, participation in local events, and networking support, enhancing their market expansion efforts.

Interested companies can access the application details and submit the required documents via the KHIDI website (www.khidi.or.kr) or by contacting the responsible officials through email.

“Following the successful support of 10 companies in 2022 and 20 in 2023, we plan to increase our support to a total of 30 companies in 2024, including existing residents,” said Kim Yong-woo, lead of KHIDI’s biopharmaceutical industry team. “We are committed to actively supporting our pharmaceutical and biotech companies to establish a foothold in the Boston biotech cluster at CIC, expanding their global partnerships."

Companies that have been accepted to KHIDI’s C&D office include Voronoi, AriBio, Welt, Yuhan USA, Huons USA, JW Theriac, Dong-A ST, Standigm, Organoid Science, HanAll Biopharma, MedySapiens, Medipixel, Biotoxtech, Abion, Youth Bio Global, Intech, Genuv, Hi Bio.