Bio Korea, the country's largest biohealth event that seeks cooperation and investment opportunities between domestic corporations and global corporations, is being assessed this year as seeing its standing waver as major pharmaceutical and biotech corporations skip the event one after another.
The organizers emphasize the expanded exhibition scale, but on site, the sense is that the presence of core players has weakened, fueling questions about the event's identity and effectiveness.
According to the industry on the 1st, the event co-hosted by the Korea Health Industry Development Institute (KHIDI) and North Chungcheong Province was held for three days from Apr. 28–30 at COEX in Gangnam, Seoul, under the theme "Innovation and breakthrough, toward a better future."
Now in its 21st year, both its scale and participation clearly contracted from last year. Even though it is hosted by an agency under the Ministry of Health and Welfare, the minister and the Vice Minister did not visit the venue on opening day.
In fact, exhibition booths decreased from 429 (323 corporations) last year to 364 (299 corporations) this year. The exodus of major pharmaceutical and biotech corporations was particularly notable. Unlike last year, when Celltrion, Daewoong Pharmaceutical, SK bioscience, LG Chem, and Boryung participated in large numbers, this year only Yuhan and ST Pharm set up large booths, while Chong Kun Dang pharmaceutical and GC Biopharma took part on a smaller scale.
Among global drugmakers, Johnson & Johnson (J&J) made its presence felt, but global corporations that took part last year—such as Novo Nordisk, Merck (MSD), Eli Lilly and Company, Roche, and Takeda—did not set up separate booths this year.
Above all, the absence of leading domestic corporations such as Samsung Biologics and Celltrion is viewed as having had a considerable impact on the event's stature.
A pharmaceutical industry official said, "Compared with global events like Bio USA, there needs to be reflection on whether the business outcomes corporations feel are sufficient," adding, "It is worth examining why Samsung and Celltrion, which never miss overseas events, did not take part."
There was also disappointment about the on-site mood. One attendee said, "I've attended Bio Korea several times, but it feels like both the scale and the crowds are shrinking," adding, "The AACR (American Association for Cancer Research) I recently attended had a lively atmosphere with corporations and researchers moving together, but this place lacks that energy." The attendee added, "Like overseas, it needs to develop into a venue where corporations collaborate to promote Korea."
The stream of global corporations did not stop entirely. However, many participated at the government's invitation, remaining at a level that emphasized willingness to cooperate rather than a "business venue." In practice, J&J highlighted its role as a platform connecting research and development between domestic bioventures through its startup support program "JLABS," and AstraZeneca also unveiled its AI-based drug development strategy and plans to build a "Korea Innovation Hub."
Fundamental criticism also emerged over the event's planning and structure. An industry official noted, "The reason big players are absent ultimately is that there is no need," adding, "The open innovation touted by globally invited corporations does not actually mesh, because the business stage and roles differ from the biotechs our corporations meet overseas."
The official continued, "Planning and attendee recruitment based on an understanding of the industry are needed, but right now it remains a government-led, supplier-centered structure," adding, "If the structure is filled mainly by government invitees or corporations providing services, the limits are clear."
Still, the organizers say the direction of change is meaningful. A KHIDI official explained, "This year, instead of large pharmaceutical companies, not only mid-sized companies but also joint pavilions for ventures and startups were expanded, and partnering booths reflecting global cooperation demand increased to 128, about double from the previous year."