KOTRA forms 'one team' to help K-bio firms crack US market

The Korea Trade-Investment Promotion Agency is building a cooperative network with the Korea Health Industry Development Institute, Hallym University, SK Biopharm and the Korean-American Society of Bio-Pharmaceutics to help South Korean biotech companies enter the US market. The public-private alliance comes amid record-high growth in South Korea's biotech exports as the industry sets its sights on the world's largest market.

KOTRA announced Monday that it signed an MOU with the Korea Health Industry Development Institute and Hallym University's startup support center in New Jersey to advance the "K-Bio Global Innovation LinX" project.

"LinX" combines "link," signifying connection, with "X" — standing for exchange, expansion and exploration. The initiative aims to connect small and midsize Korean biotech firms with the local networks and information they need to establish a foothold in the US market.

The project will be tied to SK Biopharm's large-and-small business cooperation program. On the US side, KOTRA's overseas trade office, SK Biopharm's local subsidiary and the Korean-American Society of Bio-Pharmaceutics will collaborate. In South Korea, KOTRA, the Korea Health Industry Development Institute and Hallym University's startup support center will handle company recruitment and support.

The United States is the world's largest biotech market and accounts for 18 percent of South Korea's pharmaceutical exports, making it a critical destination. Demand from Korean companies to enter the market — particularly in biosimilars and contract development and manufacturing — has been growing. However, certification and licensing requirements, intellectual property challenges and tariff uncertainty remain significant hurdles for small and midsize firms.

The MOU focuses on easing those on-the-ground difficulties and broadening the scope of support to cover pre-entry preparation, marketing, partnering and investment attraction. The initiative is also notable as a large-and-small business cooperation model for overseas expansion, bringing together public biotech institutions, a large corporation, promising technology companies and startups.

SK Biopharm will provide office space in the United States and share its experience and know-how from entering the US market. KOTRA, the Korea Health Industry Development Institute and Hallym University's startup support center will support tenant recruitment, local business partnering, consulting, investment attraction and networking.

KOTRA also plans to link the initiative with its "K-Bio Desk" operations, which run across seven trade offices including New York. The agency said the connection will strengthen support for navigating local policy and regulation, certification and intellectual property consulting, and overseas marketing.

"K-bio's exports and standing are rising even in advanced biotech markets such as the United States and Europe," KOTRA President Kang Kyung-sung said. "Now that a public-private one team has been formed to support biotech companies' overseas expansion both at home and abroad, we will do our utmost to help not only large companies but also innovative technology firms in the biotech sector achieve results overseas."