Domestic bio-venture companies are achieving major milestones in rapid succession, including domestic and international technology transfers for innovative new drug pipelines and international joint research initiatives.
The fact that many of these companies are still early-stage startups receiving government support makes this all the more significant, reaffirming the potential of 'K-BIO' even in challenging domestic and international industry conditions.
In addition, RudaCure recently transferred its corneal ulcer and corneal damage treatment technology to Hanlim Pharmaceutical, and Owl Bio entered a strategic partnership with Kyungdong Pharmaceutical to commercialize long-acting injectable drugs.
These bio startups are participants in the Ministry of SMEs and Startups' 'Innovative Field Startup Package Support' program, sharing the common thread of successfully commercializing their technologies with the backing of government strategic startup support. Since 2020, the ministry has been selecting and systematically supporting promising startups recognized for their core technological capabilities and growth potential in the three major new industry sectors: system semiconductors, bio-health, and future mobility — with continuous and systematic R&D and commercialization support.
A representative from the Korea Institute of Toxicology, which supports bio-health companies, noted, "Given the nature of the bio sector where most startups are technology-based, the reality is that most companies face greater difficulties in the commercialization stage after founding," adding, "In this context, the ability to quickly bring innovative technologies to market using government commercialization support as a catalyst has been the key to achieving early results."
K-BIO Ventures Equipped with Technological Prowess Score Big Day After Day: Herald Economy