The Ministry of Health and Welfare announced on March 11 that it has selected the JLABS Korea model proposed by Johnson & Johnson as the managing entity for its global accelerator platform project.
The project aims to provide full-cycle consulting to support the international expansion of domestic biotech ventures with outstanding technology by commercializing their innovative value and attracting foreign investment. The Ministry opened applications for this project from Jan. 31 to Feb. 25.
JLABS, established in 2012, is an accelerator institution under Johnson & Johnson. It operates 11 branches worldwide, including 8 in North America, and has provided research and development consulting and investment attraction mentoring to over 1,000 global bioventure companies. The company states that through these efforts, it has attracted approximately US$10.94 billion in investment and helped 57 companies to go public.
Jeong Eun-young, director of the health industry policy bureau at the Ministry, said, “The establishment of JLABS Korea will be an important opportunity for Korean companies to grow in the global market and to develop into a key global country.”