The Ministry of SMEs and Startups said on the 26th that it signed memorandums of understanding (MOUs) in Tokyo with three major Japanese pharmaceutical companies for Korea-Japan pharmaceutical and bio research and development (R&D).
The event was promoted as a follow-up measure, in line with the Korea-Japan summit shuttle diplomacy framework, to advance cooperation in startups and the bio sector to a stage of producing tangible results through joint R&D and investment linkage.
At the MOU signing ceremony, major Japanese pharmaceutical companies Astellas, Maruho, and Ono Pharmaceutical participated and agreed to cooperate in promoting global joint R&D with Korean bio small and venture businesses. The three Japanese companies will present demand for technologies related to new drug development, and the Ministry of SMEs and Startups (MSS) plans to identify domestic bio small and venture businesses that match this and support joint R&D and commercialization.
At the subsequent Korea-Japan bio ecosystem roundtable, the governments of both countries, pharmaceutical companies, venture capital (VC) firms, and Korean bio ventures attended to discuss the progress of cooperation, follow-up support, and strategies to link the Asian bio ecosystem with global markets.
Japan's Ministry of Economy, Trade and Industry assessed that cooperation between Japanese pharmaceutical companies and Korean startups is deepening, and that cases of collaboration between Korean and Japanese ventures are also emerging. Korea's Youth Bio Global and Japan's Human LifeCord signed an MOU for clinical trials and commercialization of their respective technologies in the other country.
At the "Korea-Japan Bio 2.0 Meetup" held in the afternoon, Japanese pharmaceutical companies and VCs conducted reverse pitching, a lecture on strategies for entering Japan was given, and Korean bio ventures held IR sessions. Japanese VCs Global Brain and DCI Partners announced their investment strategies and plans for Korea.
First Vice Minister Noh Yong-seok of the Ministry of SMEs and Startups (MSS) said, "We will continue institutional and policy support so that Korea-Japan bio cooperation can lead to joint research, investment, and commercialization."