While the Invossa shock has damaged the credibility of Korea’s biotech industry, Korean biotechnology companies are redoubling efforts to find their way into the overseas market.
Industry sources said on June 2 that a total of 37 Korean companies will participate in Bio USA 2019, the world's largest biotechnology convention to be held in Philadelphia from June 3 to 6. Major participants include Celltrion, Medipost, Sillajen, Incon, Bifido, and Peptron. These and other firms will show their excellent products and new drug substances.
More than 16,000 people from 74 countries are expected to attend this event, and the Ministry of Trade, Industry and Energy, KOTRA and the Korea Biotechnology Industry Organization support Korean companies by opening an integrated Korean pavilion.
Earlier this month, at the American Society of Clinical Oncology (ASCO) held in Chicago for five days from May 31, Korean pharmaceutical companies showed clinical trial results of new drugs that had been licensed out.
In particular, Yuhan Corp. announced the interim results of clinical phase 1 and 2 of Lazertinib, a lung cancer candidate drug licensed out to global pharmaceutical company Jansen for 1.5 trillion won (US$1.27) at the end of last year. In addition, Hanmi Pharmaceutical disclosed new clinical results on new drugs, including Oraxol and Oratecan, anti-cancer new drug substances exported to Athenex of the U.S., and Rolontis, which was licensed out to Spectrum of the U.S.
Samsung Bioepis introduced the three-year follow-up clinical results of the anti-cancer antibody biosimilar Ontruzant in a poster session. ABL Bio announced the results of phase 1 clinical trials of ABL001, a novel anti-angiogenic antibody at ASCO.