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South Korean Pharmaceutical Companies Opening Offices in Boston
For Open Innovation with U.S. Firms
South Korean Pharmaceutical Companies Opening Offices in Boston
  • By Choi Moon-hee
  • September 24, 2019, 08:57
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Green Cross Corp. opened a blood bank in Brownsville, Texas in March this year.

An increasing number of South Korean pharmaceutical companies are setting up R&D centers in Boston, one of the largest biotech hubs in the world, to accelerate new drug development based on more open innovation with American companies.

For instance, Green Cross Corporation’s Boston office is scheduled to open on Oct. 11. The corporation explained that the office will be in charge of information gathering and networking for drug development and open innovation.

It established GCAM as a local corporation in California in 2009 and has increased the number of its blood banks in the United States to 10 so far. Three years ago, it set up GC Labtech in Texas for plasma quality management in the United States. More recently, the corporation established vaccine development company Curevo in Washington in May 2018.

Yuhan launched Yuhan U.S.A. in San Diego in March last year and opened an office in Boston in December last year. The latter is working on investment in and technological cooperation with biotech and pharmaceutical ventures.

LG Chem opened its Global Innovation Center in Boston in June this year and is working on local clinical trials. Specifically, the center is planning to start phase 2 clinical trials within this year with regard to gout and autoimmune disease drugs.

Samyang Biopharm established Samyang Biopharm U.S.A. in Boston last year and hired anticancer drug experts who previously worked for Baxalta and Merck last month. They are going to focus on open innovation for seeking and developing promising new drug candidates.

At present, more than 2,000 global biotech and pharmaceutical companies, including Pfizer, Novartis and Merck, are found in Boston along with Harvard University, Boston University, the MIT and major general hospitals where clinical trials can be conducted. The number of biotech industry employees in Boston currently amounts to approximately 90,000.