Groundbreaking held for Korea's answer to LabCentral in Incheon's Songdo

Songdo International City in Incheon, already a global hub for biopharmaceutical production, has taken a major step toward becoming a comprehensive biotech center by breaking ground on a facility designed to nurture innovative startups.

According to the Incheon Free Economic Zone Authority, construction began Wednesday on the K-Bio Lab Hub — a comprehensive biotech startup support facility — on the Yonsei University International Campus site in Songdo-dong, Yeonsu-gu.

Modeled after LabCentral, the world-renowned startup incubator in Boston, the K-Bio Lab Hub is a national-level biotech startup base with total funding of 224 billion won ($165 million) — comprising 102.1 billion won in national government funds, 93 billion won from Incheon city, 20.8 billion won from Yonsei University and 8.1 billion won from the private sector.

The facility will span a total floor area of 20,375 square meters across one below-ground floor and nine above-ground floors, with completion targeted for January 2029.

Once open, more than 60 early-stage biotech startups will move in and share access to advanced research equipment.

Tenant companies will receive hands-on support across the full business cycle — from identifying new drug candidates through preclinical and clinical trials, regulatory approval and investment fundraising.

Songdo was selected as the project site through a Ministry of SMEs and Startups competition in 2021. The project then advanced through an MOU signed in February 2023 among the ministry, Incheon city and Yonsei University, followed by design work and administrative procedures, before a contractor was chosen in July.

"The groundbreaking of the K-Bio Lab Hub will be a turning point in Incheon's transformation from a simple production base into a biotech hub where drug development and innovative entrepreneurship thrive," Incheon Mayor Park Chan-dae said. He added that the city would also push to establish the Incheon Institute of Bioscience and Technology to accelerate the securing of specialized research talent and core technologies.