President Yoon calls for faster efforts to build global biotech cluster in Korea

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President Yoon calls for faster efforts to build global biotech cluster in Korea

Published: 01 Jun. 2023, 16:45 Updated: 01 Jun. 2023, 17:13

President Yoon Suk Yeol speaks during an export strategy meeting at the Seoul Startup Hub M+ at the Magok Industrial Complex in Gangseo District, western Seoul, Thursday. [PRESIDENTIAL OFFICE]

President Yoon Suk Yeol instructed the government to speed along efforts to build a global biotech cluster in Korea inspired by the Boston hub in an export strategy meeting Thursday.

Yoon highlighted Korea's plans to attract international pharmaceutical and bio companies, research institutes and universities to become a global leader in the biotech field as he presided over the fifth export strategy meeting at the Seoul Startup Hub M+ at the Magok Industrial Complex in Gangseo District, western Seoul.

This meeting discussed strategies for supporting a Korean bio cluster following meetings with biotech experts that took place when Yoon visited Boston, the world's leading biotech hub, during his state visit to the United States in April for a summit with U.S. President Joe Biden.

The Boston biotech cluster brings together major universities, global pharmaceutical and bio companies, start-ups and research institutes. During his U.S. trip, Yoon visited the Massachusetts Institute of Technology (MIT) and met with digital and biotechnology experts and also became the first Korean president to give an address at Harvard University.

Yoon emphasized that a "bio alliance" between Seoul and Boston was discussed during this visit, laying out a vision to closely connect research institutes and universities, including potential digital and bio-research cooperation between the Seoul National University Hospital and MIT.

The Korean government plans to better support building an ecosystem to connect industries, academia and institutions and lift regulations that hinder cluster projects led by local governments.

Yoon highlighted that the Boston hub was able to grow as a result of the government's strategy to foster a robust industry-academia ecosystem and promote a fair market order and compensation system, bringing together top talents in engineering, medicine, law and finance.

"National security and high-tech industries are directly connected," Yoon said, noting that defense and security officials are always interested in cutting-edge science and technology, including in the bio, digital and quantum technology fields, and how to develop and invest in it.

"Instead of a partnership, we now have to go with the concept of an alliance," Yoon said. "The government should invest heavily in a cooperative system with international research institutes, so that a cluster may be established not only with domestic but also some international connection."

President Yoon Suk Yeol views a medical robot and connects remotely with doctors at Samsung Medical Center ahead of an export strategy meeting at the Seoul Startup Hub M+ at the Magok Industrial Complex in Gangseo District, western Seoul, Thursday. [PRESIDENTIAL OFFICE]

Korea plans to update policies to support industrial clusters and establish a self-sustaining ecosystem and expand ties with global partners, the Finance Ministry said in a statement Thursday. This includes collaboration with companies related to high-tech industries such as chips and biotechnology.

Possible areas of joint cooperation include tech collaboration between the newly opening Hongneung biomedical cluster in Seoul and the Boston biotech cluster and a convergence education program between the Massachusetts General Hospital, Harvard Medical School's teaching hospital, and Kaist.

Another project could combine Seoul National University Hospital's medical big data with MIT's research capabilities, which would see innovative collaboration on areas such as early diagnosis of cancer, treatment and rehabilitation of intractable neurological diseases such as dementia and training of physician-scientists, said the ministry.

BY SARAH KIM [kim.sarah@joongang.co.kr]