The Ministry of Health and Welfare (MOHW) said that 10 Korean companies signed contracts with U.S. counterparts during the "Korea-U.S. Digital and Biohealth Business Forum" in Boston, U.S., on Thursday (local time).

The MOHW organized the forum to strengthen cooperation between digital and biohealth companies in the two countries on the occasion of President Yoon Suk Yeol's state visit to the U.S.

The contracts included one licensing contract and nine memorandums of understanding (MOUs) for cooperation in digital healthcare, biopharmaceutical, and medical devices.

In detail, Daewoong Pharmaceutical licensed-out its autoimmune disease candidate, DWP213388, to Aditum Bio, while companies such as Kakao Healthcare, Welt, Eubiologics, and PCL signed an MOU with U.S. companies or universities.

Notably, Korea Health Industry Development Institute (KHIDI) and the Korean National Institute for Bioprocessing Research & Training (K-NIBRT) signed an MOU with Moderna to cooperate in education and exchange to cultivate professionals in mRNA vaccines, biotechnology, and related fields.

The MOHW said it expects that the deals signed during the forum will generate more than 670 billion won ($500.4 million) in economic effects.

The MOHW also discussed the achievements of the C&D Incubation Office, which KHIDI opened in June last year at the Cambridge Innovation Center (CIC) to provide domestic companies with office space in Boston, and future business expansion strategies during the forum. 

The CIC is a shared office space that opened in 1999 and is considered to be the leading networking space for the Boston biohealth industry.

Seven Korean companies moved into the C&D office last year, and 13 new companies are expected to move in this year.

"It was meaningful to hold the forum in Boston, a symbolic place for global companies and the digital and biohealth sectors," said Lim In-Taek, head of health and medical policy at the Ministry of Health and Welfare. "We will do our best to support the successful entry of Korean companies into the U.S."

KHIDI President Cha Soon-do also said, "The C&D Incubation Office in Boston, the world's biotech mecca, is an outpost for Korean digital and biohealth companies to enter the U.S. and is becoming a place to create results through innovation," said Cha Sun-do, CEO of Korea Healthcare Industry Promotion Agency. "We will actively support the continuation of cooperation outcomes such as export contracts and MOUs between Korean and American companies."