President Yoon Suk Yeol's upcoming visit to the U.S. with a 122-person business delegation will feature the presence of 21 Korean companies specializing in pharmaceuticals, biotechnology, and digital healthcare.

The Federation of Korean Industries (FKI) announced on Wednesday the list of companies joining President Yoon, selected based on their anticipated business prospects, trade and investment record with the U.S., and potential for collaboration in pivotal industries.

During the visit, the business delegation is scheduled to participate in several events, such as the Korea-U.S. High-Tech Industry Forum, co-hosted by the FKI and the U.S. Chamber of Commerce, the White House's welcome ceremony, and the Korea-U.S. Cluster Roundtable, organized by the Ministry of SMEs and Startups. These events will provide a platform to discuss bilateral economic and industrial cooperation and establish a close network with U.S. government officials and business leaders.

Out of the 21 pharmaceutical, biotech, and digital healthcare companies, only Celltrion Chairman Seo Jung-jin is representing a conglomerate in the delegation. Seo, who recently announced his temporary return to management, was appointed as co-chairman of the board of directors for three Celltrion Group companies at their annual general meeting of shareholders last month.

This year, Celltrion is marking a new turning point in its expansion into the U.S. with major goals such as winning the U.S. FDA approval for Humira (adalimumab) biosimilar, launching a U.S. direct sales network, and receiving the review for approval of Remsima SC (infliximab).

Among mid-sized companies, Boryung CEO Kim Jung-gyun and HK inno.N CEO Kwak Dal-won will be traveling with President Yoon during his U.S. visit. 

These two companies are the only traditional pharmaceutical companies that manufacture and sell synthetic drugs in the business delegation.

Boryung’s participation draws particular attention because CEO Kim has been actively promoting the company’s involvement in the space healthcare industry. 

Last year, Boryung decided to invest a total of $60 million in the U.S. space company Axiom Space. In March, it signed an agreement to establish a joint venture with Axiom.

As the agreement aims to establish a joint venture in May, Boryung’s visit to the U.S. is expected to speed up the establishment of the joint venture, industry watchers said. 

President Yoon’s scheduled visit to the NASA Goddard Space Flight Center is also expected to have a significant impact on Boryung's space business.

HK Inno.N plans to find local partners in the U.S. The company has recently been expanding its R&D pipeline with anti-cancer drugs and cell therapies. It has established a cell therapy manufacturing plant in Korea. In addition to its own research, the company also has CMO and CDMO capabilities.

Also, HK Inno.N’s U.S. partner, Braintree Laboratories, is conducting a phase 3 clinical trial of K-CAB, a treatment for gastroesophageal reflux disease (GERD), in the U.S. 

Other biotech companies in the business delegation include Genome & Company, BIORCHESTRA, Medipixel, OliX Pharmaceutical, GENECAST, Young Chemical, Cellus, SHIFTBIO, IMBDX, and Sozene.

President Yoon will also visit a bio cluster in Boston, which will likely spur exchanges between companies and research institutions of the two countries. 

Among pharma and biotech organizations, Korea Biotechnology Industry Organization (KoreaBIO) Chairman Ko Han-sung (CEO of Samsung Bioepis) will accompany President Yoon. 

Genome & Company, a microbiome-based drug developer, hopes that its participation in the business delegation will have a positive impact on Korean biotech firms when discussing commercialization and technology transfer with American companies. 

"It is unprecedented for pharma and biotech firms of this size to be included in a U.S. business delegation," said an official at Genome & Company. "We expect that those in the business delegation with the government will gain trust from U.S. companies."

Digital healthcare companies listed in the delegation include WELT, Asleep, Doctor Now,  AIRS Medical, GB Soft, Huinno, and Tesser.

On Wednesday, WELT received approval for its insomnia-treating digital therapeutics (DTx) device, WELT-I, from the Ministry of Food and Drug Safety. 

In addition to developing DTx, Welt has been laying the groundwork for its entry into the U.S. market. Last year, it established a U.S. office and recruited researchers for local clinical trials.

WELT CEO Kang Sung-jee said the main objective of the participation in the business delegation is “to export regulation.”

“It is up to government departments and regulatory agencies to harmonize regulations between the two countries but I think WELT can be treated as one of the examples,” he said. "By obtaining a domestic product license, we can start to enter the U.S. in earnest."

AIRS Medical, which developed SwiftMR, an AI-based MRI acceleration solution, will raise funds for a pilot project on U.S. medical institutions during the visit.

“We will attract U.S. investors during the upcoming U.S. visit. More than three medical institutions in the U.S. are using our solution, and partnership discussions are underway," said Lee Hye-seong, CEO of AIRS Medical.

Huino, which developed MemoPatch, a patch-type ECG monitoring device, will also focus on preparing to enter the U.S. market.

"We are currently applying to the FDA for a device license review for MemoPatch. As we are preparing to enter the U.S., we will look for partners and strengthen cooperation," said Gil Yeong-joon, CEO of Huinno.