To Expand R&D Collaboration and Investment in Startups
The Korea Pharmaceutical and Bio-Pharma Manufacturers Association announced on Aug. 19 that four pharmaceutical and biotech companies and the Korea Health Industry Development Institute newly joined the Cambridge Innovation Center (CIC) in Boston.
The four companies are PharmCADD, WELT, Daewoong Pharmaceutical and Hanmi Pharmaceutical. GC Pharma and Yuhan Corp. joined the CIC two years ago.
At present, more than 1,000 companies in the industry are doing research and business at the industrial cluster in Boston, which has created an economic effect of more than US$2 trillion along with over 74,000 jobs. There, the South Korean companies are planning to expand their R&D collaboration, speed up their projects and increase their investment in startups.
Especially, the Korea Health Industry Development Institute opened its U.S. office in Boston on Aug. 18 and the opening is expected to contribute greatly to those companies’ activities in the United States.