Australia marks 10th anniversary of partnership at BIO Korea

The annual BIO Korea 2024 convention, co-hosted by North Chungcheong Province and the Korea Health Industry Development Institute (KHIDI), concluded its three-day run at COEX Convention Hall C in Seoul on Friday. This year’s event garnered significant international attention, with representatives and businesses from Australia, Denmark, the U.K., Sweden, Thailand, and Germany in attendance.

Australia commemorated a decade of participation at BIO Korea with a record-breaking presence of 37 companies, highlighting deepening partnerships and growing opportunities in biotechnology and pharmaceuticals. Julie Quinn, the Senior Trade and Investment Commissioner of Australia, led the Australia booth and emphasized the thriving relationship between Australia and Korea.

"Korea is renowned for its superior biopharmaceutical manufacturing, and Australia excels in life sciences R&D, with 11 of Australia's 16 Nobel laureates recognized for achievements in medicine," Quinn said. "The potential for collaboration is significant, as Korea can enhance its R&D while Australia focuses on manufacturing."

The partnership between Australia and Korea has produced substantial results, particularly in clinical trials. According to Quinn, "Many Korean new compounds, drugs, and therapies are having their early-stage clinical trials, such as phase 1, done in Australia. There are currently 45 clinical trials led by Korean companies in Australia."

Quinn highlighted the evolution of collaboration beyond clinical trials, noting that individual partnerships are also emerging alongside institutional cooperation. Nonprofit organizations like MTPConnect, which fosters growth in Australia's medical technology and pharmaceutical industries, are forming crucial alliances with KHIDI.

Australia as a prime early clinical trial destination

Australia's reputation as an ideal destination for clinical trials is built on its efficient regulatory framework, expedited approval processes, and robust government incentives. Dr. David Lloyd, the founder and managing director of Southern Star Research, a leading contract research organization (CRO) in Sydney, pointed out, "Australia is known for high-quality research that meets international regulatory standards."

Lloyd attributes this trend to cost-effectiveness, fast regulatory processes, and a government R&D tax incentive program that refunds up to 43.5% of research costs. "We've had studies move from protocol to patient recruitment within six to eight weeks," Lloyd explained, comparing this rapid timeline to slower processes in other regions like the U.S.

Companies choose Southern Star Research due to its meticulous attention to client needs and personalized approach. "Companies come to us because they trust us," Lloyd said. "Our team prioritizes quality and personalized care, ensuring each clinical trial receives dedicated management."

Lloyd emphasized the importance of phase 1 and 2 clinical trials, stressing that Southern Star Research handles them with exceptional care. This dedication ensures the data is reliable and meets global standards. "We make sure that their data can go to any regulatory body worldwide with confidence," Lloyd concluded.

Expanding into mRNA Research

Australia-Korea collaborations are also expanding into innovative fields like mRNA research. mRNA Victoria, a state-backed initiative, partnered with KHIDI in 2022 to advance mRNA research and manufacturing, bringing together Victoria’s biotech research expertise with Korea’s biomanufacturing specialization to develop both regions’ RNA research ecosystems.

Phoebe Dunn, Acting CEO of mRNA Victoria, highlighted the partnership’s progress. "The partnership between mRNA Victoria and KHIDI has fostered new collaborations between researchers, biotech companies, and universities," Dunn said.

She emphasized that these alliances have paved the way for future joint clinical trials, next-generation mRNA therapies, and shared research projects. "We see opportunities for collaboration on next-generation mRNA therapies, as well as shared research projects, clinical-scale manufacturing, and workforce training."

Through this partnership, KHIDI and Victoria are well-positioned as regional leaders in mRNA, Dunn added.