"Right now, life sciences, healthcare, and digital AI (artificial intelligence) research are all being conducted separately. If the three countries leading innovation in the life sciences—South Korea, the United Kingdom, and Japan—work together to integrate and conduct research organically, we can create global innovations."
Kei Cho, a professor of neuroscience at King's College London, said this during the 'Golden Triangle Life Sciences Open Innovation' forum held at COEX in Gangnam, Seoul, on the 7th.
This forum, part of the 'BioKorea 2025' special session, was organized to share the latest technologies in the bio and digital health sectors and find ways to cooperate among South Korea, the United Kingdom, and Japan. It was co-hosted by three universities in the UK's Golden Triangle and ChosunBiz. It began in London in March and is being held in Seoul for the second time.
The Golden Triangle refers to the area connecting the three major universities in the UK: King's College London, the University of Cambridge, and the University of Oxford, representing an ecosystem where research in life sciences, commercialization, startups, and investment occurs organically. This forum has expanded this concept into a global life sciences ecosystem cooperating among South Korea, the United Kingdom, and Japan.
The UK is recognized as a global leader in the biohealth industry, alongside the United States. Among the top 10 global pharmaceutical corporations, two—AstraZeneca (AZ) and GlaxoSmithKline (GSK)—are British companies. The healthcare institutional sector accounts for 21% of the research and development budget (5.41 trillion won), the second highest after the United States (28% or 43 trillion won).
Investment in biohealth venture capital (VC) exceeds that of the European Union (EU). Particularly, basic research centered around the three major universities is strong. The proportion of the national R&D budget allocated to universities is 23.5%, ranking first in the world (as of 2020). 24% of VC funding is invested in the UK Golden Triangle region.
The institutional environment in the UK has also been a key contributor to the growth of the biohealth sector. Bob Damms, a life sciences investment advisor at the UK Department for International Trade, noted, "The corporate tax rate applicable to UK corporations is 25%, but only 10% is imposed on corporations with patented technology," adding, "There is a funding market established to support ventures founded at universities throughout the entire process until they go public (IPO), with support from not only research institutions but also the Business Bank (BBB) of the UK."
Japan is also accelerating the development of its biohealthcare industry. In particular, it is focusing on the digitalization of the healthcare market by integrating advanced IT (information technology) like big data, cloud, and AI.
Financial support for new drug development is also active. The Ministry of Economy, Trade and Industry (METI) of Japan is supporting the non-clinical and clinical phases I and II trials of bio companies developing new drugs through the Japan Agency for Medical Research and Development (AMED) with funding equal to double the amount of the expense. It also actively supports overseas expansion and commercialization.
Hiroki Takai, a director at Global Brain Investment Group, said, "Japan has a high level of education like South Korea and has strengths in basic science," adding, "I believe that by targeting not only domestic funding but also overseas VC and investment markets, we can grow further."
South Korea is also making significant strides. The Ministry of Health and Welfare is establishing mega funds, including a 1 trillion won K-bio and vaccine fund, to help bio corporations secure necessary funding by 2027. The plan is to also increase the number of professional personnel to 110,000.
Jeong Eun-young, director of the Health Industry Policy Bureau at the Ministry of Health and Welfare, stated, "The Korean government has embarked on a strategy to create a bio ecosystem, including the K-bio vaccine fund," adding, "This year, the budget for global research and development partnerships has been expanded, representing a commitment to connect beyond the domestic ecosystem to the entire world."
Park Jung-hwan, a secretary in the Health Industry Policy Bureau, also commented, "South Korea has innovation infrastructure such as research hospital complexes and over 20 regional bio clusters," and noted, "I hope that discussions on global cooperation partnerships involving the UK, Japan, and others take place at this forum today."