AstraZeneca Korea adn Korea Health Industry Growth Institute Partner to Boost Biotech Global Expansion
Here’s a summary of the key takeaways from the provided text:
Key Partnership: AstraZeneca Korea and the Korea Health Industry Development Institute (KHIDI) have signed a Memorandum of Understanding (MOU) to foster collaboration and open innovation within the Korean pharmaceutical and biotech industry.
Focus: Global Expansion for Korean Biotech: The core goal is to help Korean biotech companies expand internationally and secure global partnerships. This is achieved through AstraZeneca’s “NOVA Project” open innovation program.
How it Works:
* Technology Scouting: AstraZeneca korea will identify and present innovative technologies and assets from Korean biotech companies to AstraZeneca Global.
* Dual Track Approach:
* Regular Recruitment: Companies apply through Bosanjin, receive initial evaluation and feedback from AstraZeneca within a month.
* VC Linkage: AstraZeneca reviews portfolio companies of leading Korean Venture Capital firms.
* Bosanjin’s Role: Bosanjin will manage project notifications, company sourcing, and stakeholder connections.they will also facilitate a consultative body with VCs to share company recommendations.
* Feedback & Opportunities: The program aims to provide feedback to over 20 Korean companies annually and create opportunities for global cooperation.
benefits for Korean Biotech Companies:
* Access to AstraZeneca Global: Direct pathway to present technologies to a major global pharmaceutical company.
* International Standards: Feedback from AstraZeneca’s global team will help companies refine their offerings to meet international standards.
* Global Partnerships: Increased opportunities for actual global partnerships and overseas expansion.
* Specific Insights: Companies will receive tailored data about AstraZeneca’s areas of interest.
AstraZeneca’s Commitment: AstraZeneca Korea will actively seek partnerships, particularly in emerging fields like AI-driven bio healthcare, and work with the Korean government to facilitate these collaborations.
Quotes:
* Ahn Ji-young (AstraZeneca Korea): The agreement is a “stepping stone” for Korean biotech companies to enter the global market.
* Kim Yong-woo (KHIDI): The agreement will provide opportunities for Korean biotech companies to translate their potential into practical global partnerships.
In essence, this partnership aims to bridge the gap between the innovative potential of Korean biotech and the global reach and resources of AstraZeneca, ultimately driving growth and collaboration within the industry.
