SEOUL, Jan. 14 (Korea Bizwire) — According to the pharmaceutical industry on January 13, major South Korean biopharmaceutical companies including Yuhan Corp. and LG Chem Ltd. are building a foothold in Boston.
The plan is to use city, the world’s largest bio-cluster, as a base for open innovation.
Yuhan has already established a legal entity and offices in San Diego and Boston. From there, the company is planning for open innovation such as exploring new drugs and technological sources from outside.
Yuhan’s strategy is to diversify its R&D pipeline and actively look for possible new drug components and companies to invest in.
LG Chem has also established a research corporation, called ‘Global Innovation Center,’ in Boston.
LG Chem plans to establish a research lab for new drugs in Boston, where multinational pharmaceutical companies’ R&D centers, bio-venture and medical institutes are gathered.
This year, LG Chem plans to conduct global clinical trials of self-developed drugs for gout and inflammatory diseases.
The reason why South Korean biopharmaceutical companies are rushing to establish a ‘base’ in Boston is because the city is literally the largest bio-cluster in the world.
Boston’s bio-cluster is known for its well-equipped systems for commercialization by connecting research from research institutes and universities to clinical trials.
In fact, Yuhan was able to introduce a new medication for lung cancer from Genosco Inc. and exported the medication to Janssen Biotech Inc. for 1.4 trillion won (US$1.24 billion).
Yuhan further expects more success by establishing a foothold in Boston, where smooth cooperation with outside sources is possible.
D. M. Park (firstname.lastname@example.org)