Korean companies make their mark at BIO USA 2022

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Korean companies make their mark at BIO USA 2022

Visitors to the BIO International Convention take a look at Korean pharmaceutical companies' booths in San Diego Monday. Around 20 companies from Korea set up their booths at the pavilion or independently to market their products and seek new business opportunities. [SARAH CHEA]

Visitors to the BIO International Convention take a look at Korean pharmaceutical companies' booths in San Diego Monday. Around 20 companies from Korea set up their booths at the pavilion or independently to market their products and seek new business opportunities. [SARAH CHEA]

 
SAN DIEGO — Though Korea is not yet a major player in the global biopharmaceutical market, the crowds in the Korea Pavilion at the BIO International Convention (BIO USA) prove that it is well on its way to expanding its presence in the market. 
 
BIO USA officially kicked off Monday in San Diego, where thirteen Korean biotechnology companies opened booths in the Korea Pavilion for possible business meetings and marketing efforts. The conference, often called the CES of biopharmaceuticals, is the first to be held with in-person participation in three years.
 
The Korea Pavilion was about half-full Monday, the first day of the conference, which was not a bad result considering major business meetings are generally scheduled for Tuesday and Wednesday. The conference runs until Thursday.
 
This year presents a big chance for Korean companies due to the absence of attendees from China. 
 
“The common focus of Korean companies at the Korea Pavilion is the unique 'technologies' they own,” said Lee Seung-kyou, vice president of the Korea Biotechnology Industry Organization (KoreaBio), at the pavilion Monday. “In terms of the level of technology, Korean companies never fall behind global big names.”
 
“KoreaBio held a seminar with global big firms including Sanofi and Novartis, about technology transfer deals with local biotech companies, and so many companies showed interest,” Lee added. “Awareness about Korean companies has increased dramatically compared to 25 years ago — the first time we opened the Korea Pavilion at BIO USA.”  
 
Kosdaq-listed Kangstem Biotech is scheduled to meet with dozens of big firms to discuss potential technology transfer deals about its stem cell treatment candidates and cooperation in the research and development sector.
 
The company currently has three candidates: An atopy dermatitis treatment, rheumatoid arthritis treatment and osteoarthritis treatment. The atopy dermatitis treatment candidate is currently undergoing Phase 3 clinical trials.
 
Kangstem received almost 100 meeting requests, it said. 
 
Tego Science, a Seoul-based cell and gene treatment company, is especially targeting U.S. firms and investors with its cell and gene therapy treatment candidates. 
 
The company is currently developing TPX-115, a treatment candidate for patients with full-thickness rotator cuff tears. Tego Science says no cure currently exists for the injury and it plans to start the clinical trials in December in earnest.
 
“BIO USA is a great opportunity for us to introduce our business to foreign firms and investors, and we already have scheduled meetings with dozens of global firms,” said Baek Seung-wun, deputy general manager at the business development of the Tego Science. “The size of the full-thickness rotator cuff tear market is estimated to be about 100 billion won in Korea, and over 500 billion won in the United States."
 
Baek also added that his company aims to find partners to sell its products in the U.S. market and to expand its business portfolio into other areas in the cell and gene therapy industry.
 
Contract development and manufacturing organization (CDMO) business is another focus of Korean companies. CDMOs engage in the early stages of developing a client’s products and also take charge of mass production.
 
Many big names like Samsung Biologics and Lotte Biologics opened their own booths at the conference to promote their CDMO capacity and attract new customers. 
 
Around 1,140 companies opened their booths in the BIO USA 2022, with more than 15,000 people estimated to visit from all over the world. 
 
A total of 255 Korean companies are participating in BIO USA this year, including those that came just for business meetings with firms without opening booths. Korea is the second largest country in terms of the number of participating companies, following the United States. 
 
The Korea Pavilion is organized by the KoreaBio and sponsored by the Korea Trade-Investment Promotion Agency.

BY SARAH CHEA [chea.sarah@joongang.co.kr]
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