UPDATE : Friday, July 10, 2020
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10 more Korean drugmakers nestle in Boston to enter US market
  • By Kim chan-hyuk
  • Published 2020.06.26 14:12
  • Updated 2020.06.26 14:27
  • comments 0

Ten Korean pharmaceutical companies have additionally settled in the Cambridge Innovation Center, a real estate service for entrepreneurs in Boston, Massachusetts, to enter the U.S. market.

Korea Pharmaceutical and Bio-Pharma Manufacturers Association (KPBMA) said it has celebrated the occasion at its Pharmaceutical Manufacturers Hall in southern Seoul, Thursday.

Won Hee-mok, chairman of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association, speaks during an event to celebrate 10 companies’ moving into the Cambridge Innovation Center in Boston, Mass., at the Pharmaceutical Manufacturers Hall in southern Seoul, Thursday.

Founded in 1999, CIC offers a shared workspace in seven sites in the U.S. including Boston and Miami. As of 2019, it offered workspace for over 5,000 companies.

At the CIC, tenant companies can actively share real-time information with other firms and research institutes. Such networks could lead to R&D collaborations, licensing deals, and joint venture establishment.

Earlier, other Korean drug companies, including Yuhan Corp. and GC Pharma, have already entered CIC. The 10 companies that will share CIC’s workspace under the name of KPBMA are Daewoong Pharmaceutical, Dongsung Bio Pharma, Dong-A ST, Boryung Pharmaceutical, Samil Pharmaceutical, Amyloid Solution, Ildong Pharmaceutical, Chong Kun Dang, Hyundai Pharm, and Huons.

KPMBA said it would run an advisory group in the Korean office within the CIC in Boston to help companies make a foray into the U.S. market. The advisory group will consist of local experts in legal/patent affairs, clinical trials, investment, licensing, business development, and networking.

“The companies’ joining in the CIC is very meaningful in that it will enable them to quickly and effectively enhance their drug development capability and find partners to enter the U.S. drug market after the Covid-19 pandemic,” Vice Minister of Health and Welfare Minister Kim Gang-lip said.

The government will consider various support measures to help more companies move into the CIC and yield fruitful results, he added.

KPBMA Chairman Won Hee-mok said Korean companies sharing the KPBMA office in the CIC will make every effort to advance the Korean pharmaceutical industry one step further.

“KPBMA will spare no effort to support the successful settlement of tenant companies,” he added.


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