Following U.S. President-elect Donald Trump’s announcement on Wednesday appointing Vivek Ramaswamy, founder of Swiss-based Roivant Sciences, to lead the newly established Department of Government Efficiency (DOGE), attention has turned to two Korean biotech firms that are tied to Roivant through past collaborations and investments—HanAll Biopharma and SK biopharmaceuticals.

The department, named after the Dogecoin cryptocurrency, is designed to operate independently from traditional government constraints, fueling speculation that Ramaswamy’s leadership could bring unconventional changes to biotech investment and regulation. 

While U.S. stocks rose following the announcement, Korean markets faltered, weighed down by the country's rigid regulatory framework and a sluggish innovation pipeline. The focus has now shifted to what they call the "Vant model"—Roivant’s decentralized structure, which has driven its rapid expansion—and the potential opportunities this model could unlock for Roivant-linked companies, including HanAll Biopharma and SK biopharmaceuticals.  Roivant uses a decentralized Vant model, acting as an incubator for biotech and health companies instead of a large centralized structure.

The question now is whether Ramaswamy's influence might inject new momentum into the Korean biotech sector or if the industry will remain stifled under the weight of domestic policies.

"We are cautiously observing the situation," said an official from HanAll Biopharma, noting the company's past collaboration with Roivant under a $502.5 million technology transfer agreement for batoclimab, a treatment for autoimmune diseases. Still, the official said that it’s “uncertain whether this will have a direct impact on new drug development or FDA approvals, although there’s hope that it could bring indirect benefits.” 

Despite Roivant's extensive track record—launching 20 subsidiaries and developing over 40 medicines—both HanAll Biopharma and SK biopharmaceuticals maintain that they have limited direct engagement with Roivant at this time. 

"We don’t have a direct relationship with them right now," an SK biopharmaceuticals official said, referring to the company's acquisition of the targeted protein degradation (TPD) platform, Proteovant Therapeutics, now known as SK Life Science Labs. 

Proteovant, founded in New York in 2021, is a 60:40 joint venture between Roivant and SK Group. SK biopharmaceuticals acquired a 60 percent stake in the company for 62 billion won ($44.1 million) last year, but an SK Inc. official acknowledged a growing distance from Roivant’s operations.

“The only remaining link we have with Roivant is our shared stake in VantAI, a subsidiary of Roivant," he noted, adding that no definitive statement could be made regarding any potential trickle-down effect. "The connection is simply as co-investors in Proteovant."